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Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) VP Paul Cunningham sold 250 shares of the business’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $170.01, for a total transaction of $42,502.50. Following the completion of the transaction, the vice president now directly owns 93,939 shares in the company, valued at $15,970,569.39. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Paul Cunningham also recently made the following trade(s):
- On Tuesday, September 6th, Paul Cunningham sold 250 shares of Cadence Design Systems stock. The shares were sold at an average price of $168.39, for a total transaction of $42,097.50.
Cadence Design Systems Trading Down 5.6 %
NASDAQ:CDNS traded down $9.51 on Friday, reaching $158.90. The stock had a trading volume of 2,415,660 shares, compared to its average volume of 1,716,769. The company has a market cap of $43.52 billion, a price-to-earnings ratio of 60.36, a P/E/G ratio of 2.89 and a beta of 1.15. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.59 and a quick ratio of 1.49. The firm’s fifty day moving average is $175.66 and its two-hundred day moving average is $161.56. Cadence Design Systems, Inc. has a 12-month low of $132.32 and a 12-month high of $194.97.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. The company had revenue of $858.00 million for the quarter, compared to analyst estimates of $835.01 million. Cadence Design Systems had a net margin of 23.61% and a return on equity of 32.06%. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 EPS. Equities analysts expect that Cadence Design Systems, Inc. will post 3.31 EPS for the current fiscal year.
Analysts Set New Price Targets
Several brokerages have issued reports on CDNS. Needham & Company LLC boosted their price objective on shares of Cadence Design Systems from $193.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, July 26th. Wolfe Research assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, August 16th. They set an “outperform” rating and a $210.00 price target on the stock. Stifel Nicolaus assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 7th. They set a “hold” rating and a $200.00 price target on the stock. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, July 26th. Finally, Bank of America raised shares of Cadence Design Systems from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $160.00 to $175.00 in a research note on Wednesday, June 29th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $192.54.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of the stock. HighTower Trust Company N.A. purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth about $654,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Cadence Design Systems by 9.3% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 18,137 shares of the software maker’s stock worth $2,964,000 after acquiring an additional 1,538 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Cadence Design Systems by 586.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 21,066 shares of the software maker’s stock worth $3,443,000 after acquiring an additional 17,997 shares during the period. Gulf International Bank UK Ltd lifted its holdings in shares of Cadence Design Systems by 0.4% during the 3rd quarter. Gulf International Bank UK Ltd now owns 42,457 shares of the software maker’s stock worth $6,938,000 after acquiring an additional 179 shares during the period. Finally, American National Bank purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth about $33,000. 84.02% of the stock is currently owned by hedge funds and other institutional investors.
About Cadence Design Systems
(Get Rating)
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.
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