Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 1,000 Shares of Stock

Key Points

• Paul Cunningham, VP of Cadence Design Systems, sold 1,000 shares at an average price of $358.72, totaling $358,720, reducing his ownership by 0.95% to approximately 104,499 shares.
• Cadence Design Systems' stock price experienced a 1.2% decline in trading, closing at $360.50, while trading volume was below its average.
• The company's recent earnings report indicated a strong performance with an EPS of $1.65, exceeding estimates and reflecting a 20.2% increase in revenue year-over-year.

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $358.72, for a total transaction of $358,720.00. Following the completion of the transaction, the vice president owned 104,499 shares of the company's stock, valued at approximately $37,485,881.28. This trade represents a 0.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Tuesday, July 1st, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00.
• On Friday, June 13th, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $302.00, for a total transaction of $302,000.00.
• On Monday, June 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $285.97, for a total transaction of $185,880.50.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $0.96 during midday trading on Friday, hitting $353.37. The company had a trading volume of 536,766 shares, compared to its average volume of 2,072,240. The company has a quick ratio of 2.67, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The stock has a market cap of $96.29 billion, a price-to-earnings ratio of 95.60, a P/E/G ratio of 4.73 and a beta of 0.97. The firm has a fifty day simple moving average of $316.60 and a two-hundred day simple moving average of $292.05. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $1.28 EPS. Equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on CDNS shares. Bank of America increased their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. KeyCorp upped their price target on shares of Cadence Design Systems from $358.00 to $405.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Needham & Company LLC increased their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Piper Sandler reiterated a "neutral" rating and issued a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a research report on Tuesday, July 29th. Finally, Berenberg Bank set a $400.00 price target on shares of Cadence Design Systems in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $364.33.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Advisors Capital Management LLC lifted its holdings in Cadence Design Systems by 29.3% during the 2nd quarter. Advisors Capital Management LLC now owns 1,113 shares of the software maker's stock valued at $343,000 after purchasing an additional 252 shares during the last quarter. Donoghue Forlines LLC acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth approximately $2,711,000. Clearstead Trust LLC grew its position in shares of Cadence Design Systems by 82.2% during the 2nd quarter. Clearstead Trust LLC now owns 164 shares of the software maker's stock worth $51,000 after buying an additional 74 shares during the period. Arvest Bank Trust Division acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth approximately $246,000. Finally, Fiera Capital Corp grew its holdings in Cadence Design Systems by 35.1% during the second quarter. Fiera Capital Corp now owns 44,519 shares of the software maker's stock valued at $13,719,000 after purchasing an additional 11,557 shares during the period. 84.85% of the stock is owned by institutional investors.

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.