Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham Sells 650 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total value of $191,750.00. Following the transaction, the vice president now directly owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Wednesday, May 1st, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00.
• On Monday, April 1st, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $307.92 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market capitalization of $83.88 billion, a price-to-earnings ratio of 80.09, a price-to-earnings-growth ratio of 3.81 and a beta of 1.04. The company has a 50 day simple moving average of $291.37 and a 200-day simple moving average of $289.97. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 earnings per share. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors have recently made changes to their positions in CDNS. Jackson Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 7.4% during the 1st quarter. Jackson Wealth Management LLC now owns 14,642 shares of the software maker’s stock valued at $4,558,000 after purchasing an additional 1,014 shares in the last quarter. Objective Capital Management LLC raised its holdings in Cadence Design Systems by 6.3% during the first quarter. Objective Capital Management LLC now owns 1,298 shares of the software maker’s stock valued at $404,000 after buying an additional 77 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Cadence Design Systems by 22.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 516,718 shares of the software maker’s stock worth $161,978,000 after buying an additional 93,991 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of Cadence Design Systems by 7.9% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 57,165 shares of the software maker’s stock worth $17,795,000 after buying an additional 4,161 shares during the last quarter. Finally, Cetera Advisors LLC increased its holdings in shares of Cadence Design Systems by 124.4% during the 1st quarter. Cetera Advisors LLC now owns 18,521 shares of the software maker’s stock valued at $5,765,000 after acquiring an additional 10,268 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Piper Sandler cut their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Finally, KeyCorp raised their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $331.11.

About Cadence Design Systems

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.