Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Ita M. Brennan Sells 180 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director now owns 8,010 shares of the company's stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Cadence Design Systems Stock Up 0.2%

NASDAQ CDNS traded up $0.65 on Thursday, hitting $307.85. 1,012,324 shares of the company were exchanged, compared to its average volume of 2,023,079. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a market cap of $84.06 billion, a PE ratio of 79.75, a PEG ratio of 3.88 and a beta of 0.99. The stock has a fifty day moving average of $289.74 and a 200-day moving average of $287.46. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the company posted $1.17 earnings per share. The firm's revenue for the quarter was up 23.1% on a year-over-year basis. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Institutional Trading of Cadence Design Systems

Large investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after acquiring an additional 676 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in Cadence Design Systems in the 4th quarter worth about $9,958,000. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the 4th quarter valued at about $28,000. Kingsview Wealth Management LLC increased its holdings in Cadence Design Systems by 1.2% in the 4th quarter. Kingsview Wealth Management LLC now owns 4,822 shares of the software maker's stock worth $1,449,000 after acquiring an additional 57 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in Cadence Design Systems by 13.4% in the 4th quarter. Empowered Funds LLC now owns 14,708 shares of the software maker's stock worth $4,419,000 after acquiring an additional 1,734 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. KeyCorp upped their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Piper Sandler upped their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Bank of America upped their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Robert W. Baird upped their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $325.23.

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.