Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham Sells 1,000 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $302.00, for a total value of $302,000.00. Following the sale, the vice president now directly owns 106,499 shares of the company's stock, valued at $32,162,698. This represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, June 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $285.97, for a total value of $185,880.50.
• On Thursday, May 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $303.00, for a total transaction of $196,950.00.
• On Tuesday, April 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00.

Cadence Design Systems Stock Down 0.6%

Cadence Design Systems stock traded down $1.81 during trading on Tuesday, hitting $299.00. 1,130,333 shares of the company were exchanged, compared to its average volume of 2,017,712. The company has a market capitalization of $81.64 billion, a P/E ratio of 75.70, a PEG ratio of 4.17 and a beta of 0.98. The business's 50 day moving average is $293.97 and its 200 day moving average is $287.08. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.17 EPS. The business's revenue was up 23.1% compared to the same quarter last year. Analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CDNS. Needham & Company LLC reissued a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Bank of America upped their price target on Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Mizuho raised their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Wells Fargo & Company upped their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Finally, Piper Sandler increased their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $325.23.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Howe & Rusling Inc. bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $2,371,000. 1248 Management LLC bought a new position in Cadence Design Systems in the 1st quarter valued at $125,000. Modern Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at $220,000. Vista Cima Wealth Management LLC raised its stake in shares of Cadence Design Systems by 6.1% during the 1st quarter. Vista Cima Wealth Management LLC now owns 1,815 shares of the software maker's stock worth $462,000 after purchasing an additional 104 shares during the period. Finally, Strs Ohio purchased a new position in shares of Cadence Design Systems in the 1st quarter worth about $15,508,000. Hedge funds and other institutional investors own 84.85% of the company's stock.

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.

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