Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Sells 180 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the transaction, the director now owns 7,411 shares in the company, valued at $2,038,025. This represents a 2.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $8.42 during midday trading on Friday, reaching $308.15. The stock had a trading volume of 1,935,489 shares, compared to its average volume of 1,955,760. The stock has a market capitalization of $84.53 billion, a P/E ratio of 79.83, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm's fifty day simple moving average is $258.32 and its 200-day simple moving average is $282.94.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous 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. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently modified their holdings of CDNS. Legacy Capital Wealth Partners LLC grew its position in Cadence Design Systems by 2.8% in the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock worth $309,000 after purchasing an additional 33 shares during the last quarter. Avior Wealth Management LLC grew its position in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after buying an additional 36 shares in the last quarter. Accredited Investors Inc. increased its stake in Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after acquiring an additional 36 shares during the period. Principal Street Partners LLC raised its holdings in Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after acquiring an additional 37 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its position in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after acquiring an additional 38 shares during the period. 84.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on CDNS. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $300.00 to $325.00 in a research note on Thursday, April 24th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday. Loop Capital reduced their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Bank of America upped their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $322.54.

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.