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 Cadence Design Systems stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $303.00, for a total value of $196,950.00. Following the transaction, the vice president now directly owns 108,149 shares in the company, valued at approximately $32,769,147. The trade was a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Tuesday, April 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00.
• On Monday, March 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $308.83 on Tuesday. The firm has a fifty day simple moving average of $259.41 and a two-hundred day simple moving average of $283.43. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $84.72 billion, a P/E ratio of 80.01, a PEG ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the business posted $1.17 earnings per share. The firm’s revenue was up 23.1% on a year-over-year basis. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

CDNS has been the subject of several recent analyst reports. Mizuho upped their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Oppenheimer lowered their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $322.54.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently bought and sold shares of CDNS. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at $28,000. Smallwood Wealth Investment Management LLC bought a new position in Cadence Design Systems during the 1st quarter valued at about $25,000. Valley National Advisers Inc. raised its position in Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after purchasing an additional 99 shares during the period. Ancora Advisors LLC lifted its stake in Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Finally, Avalon Trust Co purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors 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.