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

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Thursday, August 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00.
• On Tuesday, June 11th, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00.

Cadence Design Systems Stock Down 1.3 %

NASDAQ CDNS traded down $3.28 during trading hours on Thursday, hitting $250.85. 1,468,895 shares of the company were exchanged, compared to its average volume of 1,720,759. Cadence Design Systems, Inc. has a 52-week low of $227.05 and a 52-week high of $328.99. The firm has a market cap of $68.34 billion, a price-to-earnings ratio of 65.67, a PEG ratio of 3.24 and a beta of 1.03. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $281.46 and a two-hundred day moving average of $293.50.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $0.94 EPS. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CDNS. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Robert W. Baird lowered their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently added to or reduced their stakes in CDNS. Fiduciary Trust Co raised its stake in Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after buying an additional 39 shares in the last quarter. Capital Market Strategies LLC lifted its position in shares of Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after buying an additional 39 shares during the last quarter. Inspire Advisors LLC lifted its position in shares of Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC grew its stake in shares of Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares during the period. Finally, First Affirmative Financial Network grew its stake in shares of Cadence Design Systems by 3.6% in the 1st quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after purchasing an additional 46 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.