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

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, February 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $292.32, for a total value of $190,008.00.
• On Thursday, January 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $304.84, for a total value of $198,146.00.

Cadence Design Systems Stock Up 1.4 %

Shares of Cadence Design Systems stock opened at $244.70 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market cap of $67.07 billion, a price-to-earnings ratio of 63.39, a PEG ratio of 3.88 and a beta of 1.03. The firm’s 50-day moving average is $291.22 and its two-hundred day moving average is $285.98. Cadence Design Systems, Inc. has a 1 year low of $233.72 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Piper Sandler upped their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 19th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Finally, Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after purchasing an additional 201,340 shares in the last quarter. State Street Corp grew its holdings in shares of Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after buying an additional 60,490 shares during the last quarter. Jennison Associates LLC increased its position in shares of Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after acquiring an additional 404,076 shares during the period. FMR LLC raised its stake in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after acquiring an additional 135,251 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.