Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report) VP Paul Scannell sold 2,401 shares of the firm’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $339.00, for a total value of $813,939.00. Following the transaction, the vice president directly owned 27,763 shares in the company, valued at $9,411,657. This trade represents a 7.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Paul Scannell also recently made the following trade(s):
- On Wednesday, August 26th, Paul Scannell sold 280 shares of Cadence Design Systems stock. The shares were sold at an average price of $339.00, for a total value of $94,920.00.
Cadence Design Systems Trading Down 1.5%
CDNS stock traded down $4.89 during trading on Tuesday, hitting $331.64. 1,603,928 shares of the company traded hands, compared to its average volume of 2,583,298. The firm has a market capitalization of $91.00 billion, a PE ratio of 53.93, a P/E/G ratio of 3.19 and a beta of 1.10. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69. The company has a 50-day moving average of $319.61 and a 200-day moving average of $327.62. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the company earned $1.93 EPS. Cadence Design Systems’s revenue for the quarter was up 22.0% compared to the same quarter last year. Analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several analysts recently issued reports on CDNS shares. JPMorgan Chase & Co. raised their target price on Cadence Design Systems from $405.00 to $420.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 27th. Morgan Stanley reiterated an “overweight” rating and set a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $420.00 target price (up from $400.00) on shares of Cadence Design Systems in a report on Wednesday, October 7th. Oppenheimer reissued a “market perform” rating and issued a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Finally, FBN Securities began coverage on Cadence Design Systems in a research report on Friday, September 11th. They set an “outperform” rating and a $375.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $410.05.
Get Our Latest Analysis on Cadence Design Systems
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the business. OneAscent Financial Services LLC bought a new position in shares of Cadence Design Systems during the third quarter valued at approximately $211,000. Stephens Investment Management Group LLC boosted its position in shares of Cadence Design Systems by 19.1% in the 3rd quarter. Stephens Investment Management Group LLC now owns 100,920 shares of the software maker’s stock worth $33,322,000 after purchasing an additional 16,165 shares in the last quarter. Landscape Capital Management L.L.C. bought a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $2,340,000. Composition Wealth LLC grew its stake in shares of Cadence Design Systems by 2.7% in the 3rd quarter. Composition Wealth LLC now owns 8,928 shares of the software maker’s stock worth $2,948,000 after buying an additional 231 shares during the last quarter. Finally, McLaughlin Asset Management Inc. purchased a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $246,000. 84.85% of the stock is owned by hedge funds and other institutional investors.
About Cadence Design Systems
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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