Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $306,350.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the completion of the sale, the vice president directly owned 105,499 shares of the company's stock, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

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

• 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 value of $185,880.50.
• On Thursday, May 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $303.00, for a total value of $196,950.00.

Cadence Design Systems Stock Up 5.6%

Shares of CDNS traded up $17.54 during mid-day trading on Thursday, reaching $328.49. The company's stock had a trading volume of 2,274,696 shares, compared to its average volume of 2,022,665. The company has a market cap of $89.69 billion, a price-to-earnings ratio of 83.16, a price-to-earnings-growth ratio of 4.29 and a beta of 0.99. The business has a fifty day moving average of $303.79 and a 200 day moving average of $286.69. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $329.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 earnings per share. As a group, analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CDNS shares. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. KeyCorp raised their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Bank of America raised their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Finally, Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $325.23.

Institutional Trading of Cadence Design Systems

Hedge funds have recently made changes to their positions in the stock. AG2R LA Mondiale Gestion D Actifs purchased a new position in Cadence Design Systems during the first quarter valued at approximately $2,639,000. Swedbank AB boosted its stake in shares of Cadence Design Systems by 4.4% during the 1st quarter. Swedbank AB now owns 1,915,406 shares of the software maker's stock valued at $487,145,000 after buying an additional 81,242 shares during the period. Howe & Rusling Inc. purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at $2,371,000. 1248 Management LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth $125,000. Finally, Modern Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the first quarter worth $220,000. 84.85% of the stock is owned by hedge funds and other 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.

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