Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) CFO John M. Wall sold 4,224 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.
Cadence Design Systems Price Performance
NASDAQ CDNS opened at $301.24 on Thursday. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The firm's fifty day simple moving average is $292.03 and its two-hundred day simple moving average is $286.03. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $82.62 billion, a P/E ratio of 79.07, a P/E/G ratio of 4.19 and a beta of 1.03.
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 the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.01 EPS. Analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.
Analyst Ratings Changes
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Several research firms recently commented on CDNS. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price target on the stock. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 target price for the company. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price objective for the company. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of "Moderate Buy" and a consensus target price of $327.92.
Check Out Our Latest Report on Cadence Design Systems
Institutional Investors Weigh In On Cadence Design Systems
Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Dudley Capital Management LLC increased its holdings in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock valued at $257,000 after purchasing an additional 39 shares during the period. Trust Point Inc. raised its position in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker's stock worth $379,000 after buying an additional 40 shares during the last quarter. Falcon Wealth Planning lifted its stake in Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker's stock valued at $222,000 after acquiring an additional 40 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker's stock worth $1,501,000 after acquiring an additional 40 shares during the period. Finally, Venture Visionary Partners LLC raised its holdings in shares of Cadence Design Systems by 2.5% during the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker's stock worth $463,000 after purchasing an additional 41 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.
About Cadence Design Systems
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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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