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

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) VP Paul Cunningham sold 650 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, March 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $252.73, for a total value of $164,274.50.
• On Monday, February 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $292.32, for a total value of $190,008.00.

Cadence Design Systems Stock Down 0.9 %

Shares of Cadence Design Systems stock traded down $2.18 during trading on Tuesday, hitting $231.64. 2,653,084 shares of the stock traded hands, compared to its average volume of 1,925,390. 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's fifty day simple moving average is $264.44 and its 200 day simple moving average is $282.86. The firm has a market cap of $63.54 billion, a P/E ratio of 60.01, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Remove Ads

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. On average, equities analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on CDNS. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a research note on Thursday, February 20th. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price for the company. Finally, Bank of America reduced their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at about $28,000. Ancora Advisors LLC raised its stake in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares in the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Versant Capital Management Inc boosted its stake in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC grew its holdings in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after purchasing an additional 60 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.