James J. Cowie Sells 1,242 Shares of Cadence Design Systems Inc (NASDAQ:CDNS) Stock

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Cadence Design Systems Inc (NASDAQ:CDNS) VP James J. Cowie sold 1,242 shares of the stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $76.31, for a total value of $94,777.02. Following the transaction, the vice president now owns 103,530 shares in the company, valued at approximately $7,900,374.30. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

CDNS stock opened at $78.76 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. The stock has a market capitalization of $22.24 billion, a price-to-earnings ratio of 22.45, a PEG ratio of 4.70 and a beta of 1.12. The business’s fifty day moving average price is $72.90 and its two-hundred day moving average price is $69.02. Cadence Design Systems Inc has a fifty-two week low of $51.70 and a fifty-two week high of $79.68.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Wednesday, February 12th. The software maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Cadence Design Systems had a return on equity of 69.38% and a net margin of 42.33%. The firm had revenue of $599.56 million for the quarter, compared to analysts’ expectations of $595.48 million. During the same quarter last year, the business earned $0.52 EPS. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts expect that Cadence Design Systems Inc will post 1.61 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Shine Investment Advisory Services Inc. increased its position in shares of Cadence Design Systems by 50.5% in the third quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock worth $30,000 after purchasing an additional 152 shares during the period. Wetherby Asset Management Inc. increased its position in shares of Cadence Design Systems by 2.3% in the third quarter. Wetherby Asset Management Inc. now owns 6,886 shares of the software maker’s stock worth $455,000 after purchasing an additional 157 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Cadence Design Systems by 1.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 12,789 shares of the software maker’s stock worth $887,000 after purchasing an additional 157 shares during the period. Shilanski & Associates Inc. increased its position in shares of Cadence Design Systems by 1.6% in the third quarter. Shilanski & Associates Inc. now owns 10,969 shares of the software maker’s stock worth $725,000 after purchasing an additional 174 shares during the period. Finally, Tocqueville Asset Management L.P. increased its position in shares of Cadence Design Systems by 1.6% in the third quarter. Tocqueville Asset Management L.P. now owns 11,396 shares of the software maker’s stock worth $753,000 after purchasing an additional 177 shares during the period. Institutional investors own 85.90% of the company’s stock.

Several research analysts have weighed in on the company. Needham & Company LLC increased their price objective on Cadence Design Systems from $76.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating and set a $74.00 price objective on the stock. in a research report on Tuesday, December 24th. Bank of America increased their price objective on Cadence Design Systems from $80.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday. Credit Suisse Group increased their price objective on Cadence Design Systems from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price objective on shares of Cadence Design Systems in a research report on Thursday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $82.00.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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