Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 10,000 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Chin-Chi Teng also recently made the following trade(s):

• On Thursday, June 6th, Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80.

Cadence Design Systems Stock Performance

CDNS opened at $315.47 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The business has a fifty day simple moving average of $296.47 and a 200 day simple moving average of $294.71. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The company has a market capitalization of $85.94 billion, a PE ratio of 82.15, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the business posted $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. Research analysts expect that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Ulland Investment Advisors LLC acquired a new stake in Cadence Design Systems during the first quarter worth approximately $25,000. Valley National Advisers Inc. grew its holdings in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth $26,000. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Finally, Annapolis Financial Services LLC acquired a new position in Cadence Design Systems in the first quarter valued at about $32,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on CDNS shares. KeyCorp increased their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Robert W. Baird lifted their target price on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Bank of America increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $334.89.

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.