Cadence Design Systems (NASDAQ:CDNS) Director Lewis Chew Sells 375 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Lewis Chew sold 375 shares of the company’s stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $331.43, for a total transaction of $124,286.25. Following the completion of the sale, the director directly owned 8,756 shares of the company’s stock, valued at $2,902,001.08. The trade was a 4.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Cadence Design Systems Stock Up 1.2%

CDNS stock opened at $333.32 on Friday. Cadence Design Systems, Inc. has a 12 month low of $262.75 and a 12 month high of $416.69. The firm has a market cap of $91.46 billion, a PE ratio of 66.27, a P/E/G ratio of 3.12 and a beta of 1.10. The firm has a 50 day simple moving average of $320.47 and a 200 day simple moving average of $327.74. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the previous year, the business posted $1.93 earnings per share. The firm’s quarterly revenue was up 22.0% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Recent Cadence Design Systems Headlines

Investors following CDNS have been watching these headlines:

• Neutral Sentiment: Options-market implied volatility has risen, signaling greater expectations of price movement but not indicating whether traders anticipate gains or losses. Options volatility article
• Neutral Sentiment: Director Lewis Chew sold 375 shares, while VP Paul Scannell sold 2,401 shares under a pre-arranged Rule 10b5-1 plan. Insider sales can draw attention, though the planned nature of Scannell’s transaction makes it less clearly a signal about near-term prospects. Chew SEC filing Scannell SEC filing
• Negative Sentiment: One commentary warns CDNS could be overvalued despite the AI design-platform news, raising the risk that positive product developments are already reflected in the stock’s valuation. Valuation commentary

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Needham & Company LLC upped their price objective on shares of Cadence Design Systems from $400.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. Piper Sandler raised their target price on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, November 5th. Mizuho set a $400.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $410.05.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp boosted its position in Cadence Design Systems by 21.8% during the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after acquiring an additional 874,392 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Cadence Design Systems by 1.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock valued at $1,270,704,000 after acquiring an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Cadence Design Systems by 1,097.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after purchasing an additional 2,582,812 shares during the period. Pictet Asset Management Holding SA increased its holdings in shares of Cadence Design Systems by 118.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock valued at $908,709,000 after purchasing an additional 1,493,024 shares during the period. Finally, Amundi lifted its position in shares of Cadence Design Systems by 3.8% in the first quarter. Amundi now owns 2,060,334 shares of the software maker’s stock worth $572,488,000 after purchasing an additional 75,492 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.