Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $275,360.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the sale, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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

• On Monday, April 1st, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00.

Cadence Design Systems Trading Up 1.9 %

Shares of NASDAQ CDNS opened at $281.63 on Monday. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The firm has a market cap of $76.64 billion, a PE ratio of 73.34, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The business has a fifty day simple moving average of $302.02 and a two-hundred day simple moving average of $282.59. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Cadence Design Systems in the 4th quarter worth $1,141,059,000. Nordea Investment Management AB raised its holdings in Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Piper Sandler lowered their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Robert W. Baird upped their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $326.11.

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.