Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham Sells 650 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $285.97, for a total transaction of $185,880.50. Following the completion of the sale, the vice president now directly owns 107,499 shares in the company, valued at approximately $30,741,489.03. The trade was a 0.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• 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 value 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 value of $164,216.00.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $1.37 during mid-day trading on Friday, reaching $297.66. The company's stock had a trading volume of 626,588 shares, compared to its average volume of 2,013,747. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market cap of $81.27 billion, a P/E ratio of 76.96, a PEG ratio of 3.88 and a beta of 0.98. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The business has a 50-day simple moving average of $285.62 and a two-hundred day simple moving average of $287.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same period in the previous year, the business posted $1.17 earnings per share. The business's quarterly revenue was up 23.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently modified their holdings of CDNS. Legacy Capital Wealth Partners LLC grew its holdings in Cadence Design Systems by 2.8% in the first 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 period. Accredited Investors Inc. increased its position in Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after buying an additional 36 shares in the last quarter. Empower Advisory Group LLC raised its stake in Cadence Design Systems by 4.1% during the 1st quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock worth $232,000 after buying an additional 36 shares during the period. Gamco Investors INC. ET AL raised its stake in Cadence Design Systems by 0.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 13,337 shares of the software maker's stock worth $3,392,000 after buying an additional 36 shares during the period. Finally, Principal Street Partners LLC boosted its holdings in Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after acquiring an additional 37 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Wall Street Zen lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Mizuho upped their price target on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. 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 stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average target price of $325.23.

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.