Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Scannell Sells 3,171 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $311.35 on Wednesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a market cap of $85.39 billion, a PE ratio of 81.72, a P/E/G ratio of 4.19 and a beta of 1.03. The business has a 50-day simple moving average of $291.60 and a two-hundred day simple moving average of $285.93.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. As a group, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Needham & Company LLC lowered their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $327.92.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems in the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Prestige Wealth Management Group LLC increased its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the period. Chilton Capital Management LLC raised its holdings in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

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.