Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Chin-Chi Teng Sells 10,000 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Chin-Chi Teng also recently made the following trade(s):

• On Thursday, June 6th, Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $316.78 on Wednesday. The company has a market cap of $86.30 billion, a P/E ratio of 82.41, a PEG ratio of 3.77 and a beta of 1.03. The company has a fifty day simple moving average of $295.02 and a 200 day simple moving average of $294.24. 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 $328.99.

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 the consensus estimate 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 company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter valued at $1,141,059,000. Swedbank AB purchased a new position in Cadence Design Systems during the first quarter worth about $439,988,000. Nordea Investment Management AB grew its position in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP increased its stake in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Robert W. Baird raised their target price on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research report on Tuesday. Bank of America lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. KeyCorp increased their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

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.