Cadence Design Systems (NASDAQ:CDNS) Stock Passes Above Two Hundred Day Moving Average - Here's What Happened

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $286.38 and traded as high as $304.42. Cadence Design Systems shares last traded at $301.86, with a volume of 1,223,839 shares changing hands.

Analyst Ratings Changes

CDNS has been the subject of several research reports. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price target for the company. Rosenblatt Securities reaffirmed a "neutral" rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price objective for the company. Finally, Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $327.92.

Cadence Design Systems Trading Down 0.5 %

The firm has a market capitalization of $82.41 billion, a PE ratio of 78.86, a PEG ratio of 4.19 and a beta of 1.03. The business has a fifty day moving average price of $298.74 and a two-hundred day moving average price of $286.29. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm posted $1.01 earnings per share. Cadence Design Systems's revenue was up 18.8% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now owns 60,461 shares of the company's stock, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO John M. Wall sold 4,224 shares of the company's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the sale, the chief financial officer now directly owns 29,248 shares in the company, valued at $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,220 shares of company stock worth $3,085,474 over the last ninety days. Corporate insiders own 1.99% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CDNS. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Prestige Wealth Management Group LLC increased its position in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. Chilton Capital Management LLC raised its holdings in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock valued at $53,000 after purchasing an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock worth $62,000 after purchasing an additional 123 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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.