Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Ita M. Brennan Sells 180 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director now owns 8,010 shares of the company’s stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Cadence Design Systems Stock Up 0.5%

Shares of NASDAQ CDNS opened at $307.20 on Thursday. The company has a market cap of $83.88 billion, a price-to-earnings ratio of 79.59, a PEG ratio of 3.88 and a beta of 0.99. 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 firm’s fifty day moving average is $289.74 and its 200 day moving average is $287.46. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $1.17 EPS. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. KeyCorp increased their target price on Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Mizuho upped their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a report on Tuesday, April 29th. Finally, Robert W. Baird lifted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $325.23.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CDNS. 1248 Management LLC bought a new position in Cadence Design Systems during the 1st quarter valued at approximately $125,000. Modern Wealth Management LLC purchased a new stake in Cadence Design Systems during the 1st quarter valued at $220,000. Vista Cima Wealth Management LLC lifted its holdings in Cadence Design Systems by 6.1% in the first quarter. Vista Cima Wealth Management LLC now owns 1,815 shares of the software maker’s stock valued at $462,000 after acquiring an additional 104 shares during the period. Strs Ohio bought a new stake in Cadence Design Systems during the first quarter valued at approximately $15,508,000. Finally, Advisors Capital Management LLC purchased a new stake in shares of Cadence Design Systems in the 1st quarter worth $219,000. 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.