Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $275,360.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, April 1st, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00.

Cadence Design Systems Stock Up 1.9 %

Shares of NASDAQ:CDNS traded up $5.19 during trading on Friday, reaching $281.63. 1,370,933 shares of the stock traded hands, compared to its average volume of 1,582,704. The stock has a market cap of $76.64 billion, a P/E ratio of 73.34, a price-to-earnings-growth ratio of 3.23 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a 50-day moving average of $302.46 and a two-hundred day moving average of $281.91. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the business posted $1.02 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Callan Capital LLC bought a new position in Cadence Design Systems in the first quarter valued at about $250,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $300,000. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter worth approximately $26,000. Central Pacific Bank Trust Division purchased a new stake in Cadence Design Systems during the first quarter valued at approximately $1,340,000. Finally, Whittier Trust Co. increased its stake in shares of Cadence Design Systems by 12.2% in the 1st quarter. Whittier Trust Co. now owns 10,335 shares of the software maker’s stock worth $3,217,000 after purchasing an additional 1,127 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Cadence Design Systems Company Profile

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.