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

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $285.97, for a total value of $185,880.50. Following the transaction, the vice president now directly owns 107,499 shares in the company, valued at approximately $30,741,489.03. This trade represents a 0.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Thursday, May 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $303.00, for a total value of $196,950.00.
• On Tuesday, April 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $252.64, for a total value of $164,216.00.

Cadence Design Systems Stock Up 0.2%

Shares of CDNS opened at $296.95 on Friday. The firm has a 50 day simple moving average of $286.39 and a two-hundred day simple moving average of $287.51. The company has a market cap of $81.08 billion, a P/E ratio of 76.93, a P/E/G ratio of 3.88 and a beta of 0.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CDNS. KeyCorp boosted their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Robert W. Baird boosted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. Finally, Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $325.23.

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at $28,000. Smallwood Wealth Investment Management LLC acquired a new stake in Cadence Design Systems in the first quarter valued at $25,000. Costello Asset Management INC bought a new stake in Cadence Design Systems during the first quarter valued at $25,000. Saudi Central Bank bought a new stake in Cadence Design Systems during the first quarter valued at $27,000. Finally, Valley National Advisers Inc. boosted its position in Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after acquiring an additional 99 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.