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 business’s stock in a transaction dated 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 sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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 stock was 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 stock was 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 stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00.

Cadence Design Systems Stock Down 2.0 %

NASDAQ:CDNS opened at $280.25 on Friday. The company’s 50 day moving average is $305.52 and its two-hundred day moving average is $279.70. The company has a market cap of $76.29 billion, a PE ratio of 73.36, a P/E/G ratio of 3.57 and a beta of 1.04. 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.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 EPS. Analysts anticipate that Cadence Design Systems, Inc. will post 4.82 EPS for the current year.

Institutional Trading of Cadence Design Systems

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Cadence Design Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after acquiring an additional 384,637 shares during the last quarter. State Street Corp boosted its holdings in Cadence Design Systems by 3.1% during the first quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after buying an additional 344,518 shares in the last quarter. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cadence Design Systems by 1.7% during the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock worth $1,297,925,000 after buying an additional 103,213 shares in the last quarter. Finally, Norges Bank purchased a new stake in Cadence Design Systems during the fourth quarter worth $770,945,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Piper Sandler assumed coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective for the company. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $318.10.

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.