Cadence Design Systems, Inc. (NASDAQ:CDNS) Director James D. Plummer Sells 868 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the transaction, the director now directly owns 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Cadence Design Systems Price Performance

Shares of CDNS opened at $317.55 on Thursday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $328.99. The firm’s 50 day moving average price is $276.76 and its 200 day moving average price is $287.31. The company has a market cap of $86.70 billion, a P/E ratio of 82.27, a PEG ratio of 3.88 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

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

Institutional Investors Weigh In On Cadence Design Systems

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock valued at $6,698,834,000 after purchasing an additional 429,955 shares during the last quarter. Jennison Associates LLC increased its position in shares of Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after purchasing an additional 1,054,702 shares during the last quarter. FMR LLC increased its position in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Mizuho boosted their price target on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Piper Sandler boosted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Loop Capital reduced their price target on shares of 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. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $325.23.

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.