Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $2,763,600.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Chin-Chi Teng also recently made the following trade(s):

• On Monday, July 1st, Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00.
• On Thursday, June 6th, Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80.

Cadence Design Systems Trading Up 1.1 %

CDNS opened at $284.56 on Thursday. The firm has a market capitalization of $77.52 billion, a price-to-earnings ratio of 74.10, a PEG ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a one year low of $224.75 and a one year high of $328.99. The business has a 50 day simple moving average of $291.42 and a two-hundred day simple moving average of $295.83. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. Analysts predict that Cadence Design Systems, Inc. will post 4.74 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird cut their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Institutional Investors Weigh In On Cadence Design Systems

Large investors have recently modified their holdings of the stock. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter worth about $25,000. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter valued at approximately $26,000. ORG Partners LLC boosted its position in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems in the first quarter worth $32,000. Finally, Hollencrest Capital Management raised its holdings in Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

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.