Cadence Design Systems, Inc. (NASDAQ:CDNS) Director James D. Plummer Sells 20,000 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) Director James D. Plummer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, April 28th. The stock was sold at an average price of $156.44, for a total transaction of $3,128,800.00. Following the sale, the director now directly owns 28,674 shares in the company, valued at approximately $4,485,760.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

CDNS opened at $150.49 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.81 and a quick ratio of 1.65. The firm has a fifty day moving average price of $154.58 and a 200 day moving average price of $163.70. Cadence Design Systems, Inc. has a 1 year low of $118.11 and a 1 year high of $192.70. The stock has a market cap of $41.50 billion, a P/E ratio of 56.36, a P/E/G ratio of 2.83 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last posted its earnings results on Monday, April 25th. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.15. Cadence Design Systems had a net margin of 23.59% and a return on equity of 31.01%. The firm had revenue of $902.00 million during the quarter, compared to analysts’ expectations of $859.63 million. During the same period in the previous year, the business posted $0.67 EPS. The business’s revenue was up 22.6% compared to the same quarter last year. Equities analysts expect that Cadence Design Systems, Inc. will post 3.13 EPS for the current year.

Several analysts have weighed in on the stock. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $173.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, February 23rd. Needham & Company LLC boosted their target price on shares of Cadence Design Systems from $185.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday, April 26th. UBS Group boosted their target price on shares of Cadence Design Systems from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 26th. JPMorgan Chase & Co. dropped their target price on shares of Cadence Design Systems from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 23rd. Finally, Berenberg Bank upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research note on Wednesday, February 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Buy” and an average target price of $184.58.

Several institutional investors and hedge funds have recently bought and sold shares of CDNS. Amundi Pioneer Asset Management Inc. increased its holdings in Cadence Design Systems by 31.0% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock worth $18,610,000 after acquiring an additional 69,373 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Cadence Design Systems by 28.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 13,754 shares of the software maker’s stock worth $2,082,000 after acquiring an additional 3,010 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Cadence Design Systems by 8.5% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 15,228 shares of the software maker’s stock worth $2,306,000 after acquiring an additional 1,193 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Cadence Design Systems by 0.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 20,738 shares of the software maker’s stock worth $3,141,000 after acquiring an additional 59 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Cadence Design Systems by 2.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 28,183 shares of the software maker’s stock worth $4,269,000 after acquiring an additional 654 shares in the last quarter. Hedge funds and other institutional investors own 84.07% of the company’s stock.

About Cadence Design Systems (Get Rating)

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.

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