Paul Cunningham Sells 650 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

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

• On Tuesday, October 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00.
• On Tuesday, September 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50.

Cadence Design Systems Stock Performance

CDNS opened at $296.75 on Thursday. The stock has a 50-day moving average of $268.72 and a 200-day moving average of $281.85. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a market cap of $81.39 billion, a PE ratio of 77.89, a price-to-earnings-growth ratio of 3.45 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the company posted $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Needham & Company LLC lowered their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $323.17.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the period. Van ECK Associates Corp grew its holdings in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares during the last quarter. Legal & General Group Plc increased its position in Cadence Design Systems by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after buying an additional 43,654 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares during the last quarter. Finally, Swedbank AB boosted its position in shares of Cadence Design Systems by 15.1% in the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after acquiring an additional 230,672 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

About Cadence Design Systems

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.