Cadence Design Systems (NASDAQ:CDNS) Stock: Insider Lewis Chew Sells 375 Shares

Key Points

• Cadence director Lewis Chew sold 375 shares for about $124,286 at an average price of $331.43, reducing his holdings by 4.11% to 8,756 shares.
• Cadence’s latest quarterly results beat estimates: EPS was $2.11 versus $2.05 expected, while revenue rose 22% year over year to $1.63 billion.
• Analysts hold a consensus “Moderate Buy” rating, with an average price target of $410.05; shares traded at $333.32 in Thursday’s mid-day session.

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) Director Lewis Chew sold 375 shares of the business's stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $331.43, for a total value of $124,286.25. Following the completion of the transaction, the director owned 8,756 shares in the company, valued at $2,902,001.08. The trade was a 4.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $4.06 during mid-day trading on Thursday, reaching $333.32. The company's stock had a trading volume of 1,682,030 shares, compared to its average volume of 2,448,177. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. Cadence Design Systems, Inc. has a 52 week low of $262.75 and a 52 week high of $416.69. The stock has a fifty day moving average of $319.93 and a two-hundred day moving average of $327.68. The firm has a market capitalization of $91.46 billion, a PE ratio of 66.27, a P/E/G ratio of 3.14 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company earned $1.93 EPS. The firm's quarterly revenue was up 22.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 6.71 EPS for the current fiscal year.

Institutional Trading of Cadence Design Systems

Hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in Cadence Design Systems by 1,097.5% in the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker's stock worth $930,522,000 after purchasing an additional 2,582,812 shares during the last quarter. Legal & General Group Plc bought a new position in Cadence Design Systems during the second quarter valued at $702,615,000. Jupiter Topco LLC bought a new position in Cadence Design Systems during the second quarter valued at $688,746,000. Bank of New York Mellon Corp purchased a new position in shares of Cadence Design Systems in the 2nd quarter worth $607,350,000. Finally, Pictet Asset Management Holding SA grew its stake in shares of Cadence Design Systems by 118.5% in the 3rd quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker's stock worth $908,709,000 after buying an additional 1,493,024 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, November 5th. Benchmark reaffirmed a "buy" rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. FBN Securities initiated coverage on shares of Cadence Design Systems in a report on Friday, September 11th. They issued an "outperform" rating and a $375.00 price target on the stock. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $420.00 to $440.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 27th. Finally, KeyCorp reiterated an "overweight" rating on shares of Cadence Design Systems in a research note on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $410.05.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.

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