Insider Selling: Cadence Design Systems Inc (NASDAQ:CDNS) VP Sells $88,608.33 in Stock

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Cadence Design Systems Inc (NASDAQ:CDNS) VP James J. Cowie sold 1,251 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.83, for a total transaction of $88,608.33. Following the transaction, the vice president now directly owns 109,503 shares in the company, valued at $7,756,097.49. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Shares of CDNS stock opened at $68.14 on Friday. Cadence Design Systems Inc has a 12 month low of $39.08 and a 12 month high of $77.08. The stock has a market cap of $19.88 billion, a PE ratio of 55.40, a price-to-earnings-growth ratio of 4.35 and a beta of 1.15. The company has a current ratio of 1.60, a quick ratio of 1.52 and a debt-to-equity ratio of 0.24. The company’s fifty day moving average price is $72.97 and its 200-day moving average price is $65.25.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02. Cadence Design Systems had a net margin of 18.83% and a return on equity of 31.86%. The firm had revenue of $580.42 million for the quarter, compared to analysts’ expectations of $579.41 million. During the same quarter in the previous year, the business posted $0.45 EPS. The company’s quarterly revenue was up 12.0% on a year-over-year basis. On average, sell-side analysts forecast that Cadence Design Systems Inc will post 1.48 earnings per share for the current fiscal year.

A number of brokerages have issued reports on CDNS. BidaskClub downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 3rd. Credit Suisse Group boosted their price objective on shares of Cadence Design Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Needham & Company LLC boosted their target price on shares of Cadence Design Systems to $76.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Wells Fargo & Co began coverage on shares of Cadence Design Systems in a report on Tuesday, May 14th. They set a “market perform” rating on the stock. Finally, ValuEngine cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and an average price target of $64.25.

Several hedge funds have recently made changes to their positions in the company. Stifel Financial Corp bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $408,000. Geode Capital Management LLC boosted its stake in Cadence Design Systems by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 4,535,500 shares of the software maker’s stock valued at $196,926,000 after acquiring an additional 235,512 shares during the last quarter. FMR LLC boosted its position in shares of Cadence Design Systems by 14,036.2% during the fourth quarter. FMR LLC now owns 1,039,579 shares of the software maker’s stock worth $45,200,000 after purchasing an additional 1,032,225 shares in the last quarter. DNB Asset Management AS boosted its position in shares of Cadence Design Systems by 69.8% during the first quarter. DNB Asset Management AS now owns 52,209 shares of the software maker’s stock worth $3,316,000 after purchasing an additional 21,463 shares in the last quarter. Finally, Calamos Advisors LLC boosted its position in shares of Cadence Design Systems by 16.6% during the first quarter. Calamos Advisors LLC now owns 14,580 shares of the software maker’s stock worth $926,000 after purchasing an additional 2,080 shares in the last quarter. Hedge funds and other institutional investors own 86.39% of the company’s stock.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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