Cadence Design Systems (NASDAQ:CDNS) Stock Crosses Below Two Hundred Day Moving Average After Insider Selling

Cadence Design Systems, Inc. (NASDAQ:CDNS) passed below its 200-day moving average during trading on Friday following insider selling activity. The stock has a 200-day moving average of $327.76 and traded as low as $319.86. Cadence Design Systems shares last traded at $323.01, with a volume of 1,547,128 shares changing hands.

Specifically, Director Lewis Chew sold 375 shares of the company’s stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $331.43, for a total transaction of $124,286.25. Following the completion of the sale, the director directly owned 8,756 shares of the company’s stock, valued at approximately $2,902,001.08. This represents a 4.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 2,401 shares of the stock in a transaction on Monday, November 9th. The shares were sold at an average price of $339.00, for a total value of $813,939.00. Following the completion of the sale, the vice president owned 27,763 shares of the company’s stock, valued at approximately $9,411,657. This represents a 7.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several research analysts have commented on CDNS shares. Mizuho set a $400.00 price objective on Cadence Design Systems in a research report on Tuesday, October 27th. Weiss Ratings downgraded Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. Wall Street Zen lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, November 5th. Deutsche Bank reiterated a “buy” rating and set a $420.00 target price (up from $400.00) on shares of Cadence Design Systems in a report on Wednesday, October 7th. Finally, Bank of America raised their target price on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems Stock Performance

The stock’s fifty day moving average is $320.83 and its two-hundred day moving average is $327.76. The firm has a market capitalization of $88.63 billion, a price-to-earnings ratio of 64.22, a price-to-earnings-growth ratio of 3.16 and a beta of 1.10. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the firm posted $1.93 EPS. The firm’s quarterly revenue was up 22.0% on a year-over-year basis. Analysts forecast that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current year.

Institutional Trading of Cadence Design Systems

Large investors have recently modified their holdings of the business. Van ECK Associates Corp grew its stake in Cadence Design Systems by 21.8% during the 2nd quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after purchasing an additional 874,392 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cadence Design Systems by 1.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock worth $1,270,704,000 after purchasing an additional 48,937 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cadence Design Systems by 1,097.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock valued at $930,522,000 after purchasing an additional 2,582,812 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Cadence Design Systems by 118.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker’s stock valued at $908,709,000 after purchasing an additional 1,493,024 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Cadence Design Systems in the 2nd quarter valued at approximately $702,615,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

About Cadence Design Systems

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.