Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares of the company's stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Cadence Design Systems Trading Down 0.7 %
Shares of CDNS stock opened at $311.35 on Wednesday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The firm has a market capitalization of $85.39 billion, a PE ratio of 81.72, a price-to-earnings-growth ratio of 4.19 and a beta of 1.03. The stock has a fifty day moving average of $291.60 and a two-hundred day moving average of $285.93. 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 (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems's revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.
Analyst Ratings Changes
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Several analysts have commented on CDNS shares. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price for the company. Rosenblatt Securities reiterated a "neutral" rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target for the company. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Finally, Loop Capital began coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $327.92.
Get Our Latest Stock Report on Cadence Design Systems
Institutional Trading of Cadence Design Systems
Several institutional investors have recently modified their holdings of CDNS. Dantai Capital Ltd grew its holdings in shares of Cadence Design Systems by 44.0% in the 3rd quarter. Dantai Capital Ltd now owns 6,377 shares of the software maker's stock worth $1,728,000 after acquiring an additional 1,947 shares during the last quarter. Synovus Financial Corp increased its stake in Cadence Design Systems by 16.3% in the 3rd quarter. Synovus Financial Corp now owns 2,851 shares of the software maker's stock worth $773,000 after purchasing an additional 400 shares in the last quarter. Tidal Investments LLC lifted its stake in Cadence Design Systems by 5.5% during the third quarter. Tidal Investments LLC now owns 25,173 shares of the software maker's stock valued at $6,823,000 after buying an additional 1,317 shares in the last quarter. Blankinship & Foster LLC acquired a new position in shares of Cadence Design Systems in the third quarter worth about $501,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Cadence Design Systems in the third quarter worth approximately $2,225,000. Institutional investors and hedge funds own 84.85% of the company's stock.
Cadence Design Systems Company Profile
(
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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.
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