Cadence Design Systems Inc. (NASDAQ:CDNS) insider Thomas P. Beckley sold 58,646 shares of the stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $25.00, for a total value of $1,466,150.00. Following the completion of the transaction, the insider now owns 305,048 shares of the company’s stock, valued at $7,626,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) opened at 25.15 on Wednesday. Cadence Design Systems Inc. has a 52 week low of $18.32 and a 52 week high of $26.24. The firm has a market cap of $7.35 billion, a PE ratio of 29.80 and a beta of 1.05. The stock has a 50 day moving average price of $25.02 and a 200 day moving average price of $24.33.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 25th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The company had revenue of $453 million for the quarter, compared to analysts’ expectations of $449.54 million. During the same period last year, the firm earned $0.27 EPS. Cadence Design Systems’s revenue for the quarter was up 8.9% compared to the same quarter last year. Equities analysts expect that Cadence Design Systems Inc. will post $1.20 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in CDNS. Invictus RG boosted its position in shares of Cadence Design Systems by 625.9% in the second quarter. Invictus RG now owns 5,277 shares of the company’s stock worth $128,000 after buying an additional 4,550 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Cadence Design Systems during the second quarter worth approximately $168,000. Penserra Capital Management LLC bought a new position in shares of Cadence Design Systems during the second quarter worth approximately $169,000. Strs Ohio bought a new position in shares of Cadence Design Systems during the second quarter worth approximately $183,000. Finally, Mn Services Vermogensbeheer B.V. bought a new position in shares of Cadence Design Systems during the second quarter worth approximately $168,000. 85.57% of the stock is currently owned by institutional investors.
Several research firms have commented on CDNS. RBC Capital Markets reiterated an “outperform” rating and issued a $29.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Bank of America Corp. reiterated a “buy” rating and issued a $30.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Needham & Company LLC downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. They noted that the move was a valuation call. Finally, Royal Bank Of Canada began coverage on Cadence Design Systems in a research report on Monday, June 6th. They issued an “outperform” rating and a $29.00 target price for the company. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $25.86.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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