Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Sells $463,245.00 in 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 Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Thursday, March 14th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $309.16, for a total transaction of $463,740.00.
• On Tuesday, February 6th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00.
• On Wednesday, January 24th, Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00.

Cadence Design Systems Stock Down 2.0 %

CDNS stock opened at $280.25 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems, Inc. has a twelve month low of $194.01 and a twelve month high of $327.36. The company’s 50 day moving average is $305.52 and its two-hundred day moving average is $279.70. The stock has a market cap of $76.29 billion, a P/E ratio of 73.36, a PEG ratio of 3.57 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 EPS. Research analysts expect that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors have recently modified their holdings of CDNS. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at $26,000. Valley National Advisers Inc. grew its position in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the last quarter. Harbour Investments Inc. grew its position in Cadence Design Systems by 66.1% in the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after buying an additional 39 shares during the last quarter. Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the 4th quarter valued at $28,000. Finally, Quarry LP grew its position in Cadence Design Systems by 550.0% in the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after buying an additional 88 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on CDNS shares. KeyCorp raised their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Piper Sandler started coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday. Three equities 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $318.10.

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.