Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $177,736.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the transaction, the vice president now directly owns 61,761 shares in the company, valued at approximately $16,887,927.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

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

• On Tuesday, September 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $266.89, for a total value of $173,478.50.
• On Thursday, August 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $266.24, for a total value of $173,056.00.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $268.65 on Friday. The stock has a 50 day moving average of $267.08 and a 200 day moving average of $287.89. Cadence Design Systems, Inc. has a 12 month low of $228.66 and a 12 month high of $328.99. The firm has a market cap of $73.19 billion, a PE ratio of 69.96, a PEG ratio of 3.30 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly 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. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the company earned $0.94 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on CDNS shares. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Oppenheimer started coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $323.60.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC lifted its stake in shares of Cadence Design Systems by 56.6% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock valued at $1,116,000 after purchasing an additional 1,481 shares during the last quarter. Belpointe Asset Management LLC lifted its stake in shares of Cadence Design Systems by 211.8% in the 4th quarter. Belpointe Asset Management LLC now owns 2,975 shares of the software maker’s stock valued at $810,000 after purchasing an additional 2,021 shares during the last quarter. Lake Street Advisors Group LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $535,000. Tower Research Capital LLC TRC lifted its stake in shares of Cadence Design Systems by 159.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 51,314 shares of the software maker’s stock valued at $13,976,000 after purchasing an additional 31,516 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its stake in shares of Cadence Design Systems by 555.5% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 40,680 shares of the software maker’s stock valued at $11,080,000 after purchasing an additional 34,474 shares during the last quarter. 84.85% of the stock is owned by 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.