Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 650 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total value of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Paul Cunningham also recently made the following trade(s):

• On Monday, December 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $306.19, for a total value of $199,023.50.
• On Friday, November 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $4.28 on Monday, hitting $308.14. 1,513,085 shares of the company’s stock traded hands, compared to its average volume of 1,269,756. The firm has a market capitalization of $84.51 billion, a PE ratio of 80.88, a P/E/G ratio of 4.19 and a beta of 1.04. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The firm’s 50-day moving average price is $301.62 and its two-hundred day moving average price is $285.78. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Robert W. Baird raised their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $327.92.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Capital Market Strategies LLC grew its position in Cadence Design Systems by 15.7% during the fourth quarter. Capital Market Strategies LLC now owns 1,545 shares of the software maker’s stock valued at $464,000 after buying an additional 210 shares during the period. Pensionfund Sabic grew its position in shares of Cadence Design Systems by 22.2% during the 4th quarter. Pensionfund Sabic now owns 5,500 shares of the software maker’s stock valued at $1,653,000 after acquiring an additional 1,000 shares during the period. Nordea Investment Management AB increased its stake in shares of Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after purchasing an additional 178,212 shares in the last quarter. Central Pacific Bank Trust Division raised its holdings in Cadence Design Systems by 7.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 4,472 shares of the software maker’s stock worth $1,344,000 after purchasing an additional 312 shares during the period. Finally, GAMMA Investing LLC boosted its position in Cadence Design Systems by 25.4% during the fourth quarter. GAMMA Investing LLC now owns 3,911 shares of the software maker’s stock worth $1,175,000 after purchasing an additional 792 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.