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 the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the sale, the vice president now owns 61,761 shares of the company’s stock, valued at $16,887,927.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Tuesday, September 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50.
• On Thursday, August 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $1.22 on Thursday, hitting $265.79. The company’s stock had a trading volume of 1,123,114 shares, compared to its average volume of 1,714,826. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99. The firm has a market cap of $72.41 billion, a P/E ratio of 69.53, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $266.73 and a 200-day moving average price of $288.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.94 earnings per share. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently added to or reduced their stakes in the company. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $26,000. ORG Partners LLC raised its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Annapolis Financial Services LLC acquired a new position in Cadence Design Systems in the first quarter worth $32,000. Hollencrest Capital Management grew its holdings in shares of Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the last quarter. Finally, Rise Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter worth about $45,000. 84.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, KeyCorp increased their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $323.60.

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.