Cadence Design Systems (NASDAQ:CDNS) Director Sells $124,286.25 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Lewis Chew sold 375 shares of the firm’s stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $331.43, for a total transaction of $124,286.25. Following the completion of the sale, the director owned 8,756 shares of the company’s stock, valued at $2,902,001.08. This trade represents a 4.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Cadence Design Systems Trading Up 1.2%

Shares of CDNS stock traded up $4.06 during trading hours on Thursday, reaching $333.32. 1,682,030 shares of the stock were exchanged, compared to its average volume of 2,448,177. The firm has a market capitalization of $91.46 billion, a price-to-earnings ratio of 66.27, a price-to-earnings-growth ratio of 3.14 and a beta of 1.10. Cadence Design Systems, Inc. has a 12-month low of $262.75 and a 12-month high of $416.69. The company’s 50-day moving average price is $319.93 and its 200-day moving average price is $327.68. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The company had revenue of $1.63 billion for 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%. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.93 EPS. As a group, equities analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of CDNS. Avalon Trust Co bought a new position in shares of Cadence Design Systems during the 2nd quarter worth $30,000. Fiduciary Financial Advisors bought a new stake in shares of Cadence Design Systems in the second quarter valued at about $31,000. Arlington Trust Co LLC raised its holdings in shares of Cadence Design Systems by 154.3% in the second quarter. Arlington Trust Co LLC now owns 89 shares of the software maker’s stock valued at $33,000 after acquiring an additional 54 shares in the last quarter. Burkett Financial Services LLC purchased a new stake in Cadence Design Systems in the third quarter worth about $30,000. Finally, Balance Wealth Partners LLC purchased a new stake in Cadence Design Systems in the third quarter worth about $32,000. 84.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CDNS shares. Benchmark reiterated a “buy” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Bank of America upped their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Morgan Stanley reiterated an “overweight” rating and issued a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a research note on Wednesday, July 29th. Rosenblatt Securities reiterated a “buy” rating and set a $420.00 target price on shares of Cadence Design Systems in a research report on Friday, October 23rd. Finally, Weiss Ratings lowered shares of Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average 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.