Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Vincentelli Albert Sangiovanni Sells 1,500 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Vincentelli Albert Sangiovanni also recently made the following trade(s):

• On Wednesday, May 15th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00.
• On Monday, April 15th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00.

Cadence Design Systems Trading Up 1.4 %

NASDAQ:CDNS opened at $326.50 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 12 month low of $217.77 and a 12 month high of $327.36. The company has a market cap of $88.95 billion, a PE ratio of 85.03, a price-to-earnings-growth ratio of 3.82 and a beta of 1.04. The company has a 50 day simple moving average of $291.97 and a two-hundred day simple moving average of $291.23.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CDNS shares. Piper Sandler reduced their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $331.11.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter worth $25,000. Valley National Advisers Inc. boosted its stake in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter worth $26,000. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth $28,000. Finally, Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems during the 1st quarter worth $32,000. Hedge funds and other institutional investors 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.