Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Lip Bu Tan Sells 50,000 Shares


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Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, April 15th. The shares were sold at an average price of $147.47, for a total value of $7,373,500.00. Following the sale, the chief executive officer now directly owns 793,894 shares in the company, valued at approximately $117,075,548.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Lip Bu Tan also recently made the following trade(s):

  • On Tuesday, February 16th, Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $147.09, for a total transaction of $7,354,500.00.

NASDAQ:CDNS opened at $141.94 on Tuesday. The firm has a market capitalization of $39.61 billion, a price-to-earnings ratio of 36.87, a PEG ratio of 4.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.55 and a quick ratio of 1.51. The business has a 50 day simple moving average of $135.07 and a 200-day simple moving average of $127.59. Cadence Design Systems, Inc. has a 1 year low of $73.35 and a 1 year high of $149.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Sunday, February 21st. The software maker reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $759.10 million during the quarter, compared to the consensus estimate of $731.31 million. Cadence Design Systems had a return on equity of 48.31% and a net margin of 42.68%. Cadence Design Systems’s revenue was up 26.6% on a year-over-year basis. During the same period last year, the company earned $0.54 earnings per share. As a group, analysts expect that Cadence Design Systems, Inc. will post 2.02 earnings per share for the current fiscal year.

A number of equities analysts recently weighed in on the stock. Credit Suisse Group upped their target price on shares of Cadence Design Systems from $135.00 to $155.00 and gave the stock a “neutral” rating in a research report on Monday, March 1st. Benchmark reissued a “buy” rating and set a $150.00 price objective on shares of Cadence Design Systems in a report on Monday, March 1st. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $146.00 target price on the stock in a report on Thursday, February 25th. DA Davidson increased their price target on Cadence Design Systems from $130.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, February 23rd. Finally, KeyCorp raised their price target on Cadence Design Systems from $155.00 to $160.00 and gave the company an “overweight” rating in a report on Tuesday, February 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $141.31.

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of Cadence Design Systems by 3.1% during the fourth quarter. BlackRock Inc. now owns 32,273,978 shares of the software maker’s stock valued at $4,403,137,000 after buying an additional 980,279 shares during the period. Parnassus Investments CA grew its position in Cadence Design Systems by 2.2% in the 4th quarter. Parnassus Investments CA now owns 6,978,422 shares of the software maker’s stock valued at $952,066,000 after acquiring an additional 150,888 shares during the last quarter. FMR LLC increased its stake in Cadence Design Systems by 36.1% in the fourth quarter. FMR LLC now owns 6,199,519 shares of the software maker’s stock worth $845,801,000 after purchasing an additional 1,643,533 shares during the period. UBS Asset Management Americas Inc. lifted its position in shares of Cadence Design Systems by 72.7% during the fourth quarter. UBS Asset Management Americas Inc. now owns 3,095,513 shares of the software maker’s stock worth $422,321,000 after purchasing an additional 1,302,663 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Cadence Design Systems by 3.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,891,458 shares of the software maker’s stock valued at $394,482,000 after purchasing an additional 100,642 shares during the period. 83.86% of the stock is owned by hedge funds and other institutional investors.

About Cadence Design Systems

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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