Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham Sells 1,000 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 1,000 shares of the stock in a transaction on 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 owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 stock was sold at an average price of $310.46, for a total transaction of $310,460.00.

Cadence Design Systems Stock Up 1.9 %

NASDAQ:CDNS traded up $5.19 during mid-day trading on Friday, hitting $281.63. The stock had a trading volume of 1,370,933 shares, compared to its average volume of 1,582,704. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The company has a market capitalization of $76.64 billion, a PE ratio of 73.34, a PEG ratio of 3.23 and a beta of 1.06. The stock has a 50-day simple moving average of $302.46 and a two-hundred day simple moving average of $281.91.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period last year, the firm earned $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CDNS shares. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. KeyCorp raised their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Piper Sandler lowered their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. SVB Wealth LLC lifted its position in Cadence Design Systems by 146.6% in the third quarter. SVB Wealth LLC now owns 6,782 shares of the software maker’s stock valued at $1,589,000 after acquiring an additional 4,032 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Cadence Design Systems by 14.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,386 shares of the software maker’s stock worth $3,605,000 after buying an additional 1,893 shares during the last quarter. Raymond James & Associates increased its position in Cadence Design Systems by 5.5% during the third quarter. Raymond James & Associates now owns 206,566 shares of the software maker’s stock worth $48,398,000 after buying an additional 10,840 shares during the period. Stratos Wealth Partners LTD. lifted its stake in Cadence Design Systems by 10.3% in the third quarter. Stratos Wealth Partners LTD. now owns 11,477 shares of the software maker’s stock valued at $2,689,000 after buying an additional 1,070 shares during the last quarter. Finally, NorthRock Partners LLC boosted its holdings in shares of Cadence Design Systems by 13.8% in the third quarter. NorthRock Partners LLC now owns 982 shares of the software maker’s stock valued at $230,000 after acquiring an additional 119 shares during the period. Institutional investors and hedge funds own 84.85% 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.