Paul Cunningham Sells 1,000 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $302.00, for a total transaction of $302,000.00. Following the completion of the sale, the vice president now owns 106,499 shares of the company’s stock, valued at approximately $32,162,698. This trade represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, June 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $285.97, for a total transaction of $185,880.50.
• 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 shares were sold at an average price of $252.64, for a total transaction of $164,216.00.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $296.84 on Thursday. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a market cap of $81.05 billion, a price-to-earnings ratio of 75.15, a price-to-earnings-growth ratio of 4.14 and a beta of 0.98. The stock has a 50 day simple moving average of $295.30 and a 200-day simple moving average of $287.23.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the company posted $1.17 earnings per share. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Institutional Trading of Cadence Design Systems

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth about $25,000. Costello Asset Management INC acquired a new stake in Cadence Design Systems during the first quarter worth approximately $25,000. Saudi Central Bank purchased a new stake in Cadence Design Systems in the 1st quarter worth approximately $27,000. Valley National Advisers Inc. raised its holdings 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 valued at $28,000 after acquiring an additional 99 shares during the last quarter. Finally, Ancora Advisors LLC lifted its stake in shares of Cadence Design Systems by 1,400.0% during the 4th 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 period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities upped their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 29th. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, Oppenheimer cut their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $325.23.

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.