Cadence Design Systems (NASDAQ:CDNS) Stock: Insider Paul Scannell Sells 2,401 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Scannell sold 2,401 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $339.00, for a total value of $813,939.00. Following the completion of the sale, the vice president directly owned 27,763 shares in the company, valued at approximately $9,411,657. This represents a 7.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, August 26th, Paul Scannell sold 280 shares of Cadence Design Systems stock. The stock was sold at an average price of $339.00, for a total value of $94,920.00.

Cadence Design Systems Stock Down 1.5%

Cadence Design Systems stock traded down $4.89 during mid-day trading on Tuesday, reaching $331.64. The stock had a trading volume of 1,603,928 shares, compared to its average volume of 2,583,298. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The company has a 50-day moving average price of $319.61 and a two-hundred day moving average price of $327.62. The company has a market capitalization of $91.00 billion, a price-to-earnings ratio of 53.93, a PEG ratio of 3.19 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. Cadence Design Systems’s revenue was up 22.0% compared to the same quarter last year. During the same period last year, the business earned $1.93 EPS. On average, analysts expect that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadence Design Systems

Large investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 21.8% in the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock worth $1,835,227,000 after buying an additional 874,392 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Cadence Design Systems by 1.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock worth $1,270,704,000 after acquiring an additional 48,937 shares during the period. Assenagon Asset Management S.A. increased its position in Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after acquiring an additional 2,582,812 shares during the last quarter. Pictet Asset Management Holding SA increased its position in Cadence Design Systems by 118.5% during the third quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock valued at $908,709,000 after acquiring an additional 1,493,024 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in Cadence Design Systems during the second quarter valued at $702,615,000. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CDNS. The Goldman Sachs Group raised their price target on shares of Cadence Design Systems from $410.00 to $470.00 and gave the company a “buy” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. upped their price objective on Cadence Design Systems from $405.00 to $420.00 and gave the company an “overweight” rating in a research report on Tuesday, October 27th. Oppenheimer reiterated a “market perform” rating and set a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Rosenblatt Securities reiterated a “buy” rating and set a $420.00 target price on shares of Cadence Design Systems in a research note on Friday, October 23rd. Finally, Rothschild & Co Redburn lifted their target price on Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $410.05.

About Cadence Design Systems

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.