Surendra Babu Mandava Sells 4,235 Shares of Cadence Design Systems Inc (NASDAQ:CDNS) Stock

Cadence Design Systems Inc (NASDAQ:CDNS) insider Surendra Babu Mandava sold 4,235 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $64.87, for a total value of $274,724.45. Following the completion of the transaction, the insider now owns 305,888 shares of the company’s stock, valued at approximately $19,842,954.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Shares of CDNS stock traded up $0.57 on Wednesday, hitting $68.77. 197,400 shares of the stock were exchanged, compared to its average volume of 2,088,711. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.45. The company has a market capitalization of $19.28 billion, a price-to-earnings ratio of 55.91, a PEG ratio of 4.08 and a beta of 1.15. Cadence Design Systems Inc has a one year low of $39.08 and a one year high of $70.49.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.08. The company had revenue of $577.00 million during the quarter, compared to the consensus estimate of $569.34 million. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.40 EPS. Equities analysts predict that Cadence Design Systems Inc will post 1.46 EPS for the current year.

CDNS has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Wednesday, February 13th. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 15th. DA Davidson upped their price objective on Cadence Design Systems to $62.00 and gave the company a “buy” rating in a research note on Wednesday, February 20th. Needham & Company LLC upped their price objective on Cadence Design Systems to $60.00 and gave the company a “buy” rating in a research note on Wednesday, February 20th. Finally, ValuEngine upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. Cadence Design Systems presently has an average rating of “Buy” and an average price target of $59.44.

Several hedge funds have recently bought and sold shares of CDNS. Cresset Asset Management LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth $35,000. Harvest Group Wealth Management LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth $37,000. JNBA Financial Advisors bought a new position in shares of Cadence Design Systems during the 4th quarter worth $39,000. Parallel Advisors LLC grew its stake in shares of Cadence Design Systems by 29.4% during the 1st quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock worth $46,000 after acquiring an additional 163 shares during the period. Finally, Lindbrook Capital LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth $52,000. Institutional investors own 87.40% of the company’s stock.

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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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