Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Sells $3,128,800.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) Director James D. Plummer sold 20,000 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $4,485,760.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Shares of CDNS opened at $150.49 on Tuesday. The stock has a market capitalization of $41.50 billion, a PE ratio of 56.36, a P/E/G ratio of 2.83 and a beta of 1.13. Cadence Design Systems, Inc. has a 1 year low of $118.11 and a 1 year high of $192.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.65 and a current ratio of 1.81. The company’s 50-day simple moving average is $154.58 and its 200-day simple moving average is $163.70.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last issued its quarterly earnings results on Monday, April 25th. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.15. The business had revenue of $902.00 million for the quarter, compared to analysts’ expectations of $859.63 million. Cadence Design Systems had a net margin of 23.59% and a return on equity of 31.01%. The business’s quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.67 earnings per share. On average, sell-side analysts predict that Cadence Design Systems, Inc. will post 3.13 earnings per share for the current year.

A number of equities research analysts recently issued reports on CDNS shares. UBS Group upped their price objective on shares of Cadence Design Systems from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Tuesday, April 26th. Needham & Company LLC upped their price objective on shares of Cadence Design Systems from $185.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, April 26th. KeyCorp upped their price objective on shares of Cadence Design Systems from $205.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, April 26th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $161.00 price objective for the company in a report on Thursday, April 28th. Finally, Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $173.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Buy” and an average target price of $184.58.

Institutional investors and hedge funds have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. raised its holdings in Cadence Design Systems by 31.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock valued at $18,610,000 after acquiring an additional 69,373 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Cadence Design Systems by 28.0% in the third quarter. Commonwealth Equity Services LLC now owns 13,754 shares of the software maker’s stock valued at $2,082,000 after acquiring an additional 3,010 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Cadence Design Systems by 8.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 15,228 shares of the software maker’s stock valued at $2,306,000 after acquiring an additional 1,193 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Cadence Design Systems by 0.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 20,738 shares of the software maker’s stock valued at $3,141,000 after acquiring an additional 59 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Cadence Design Systems by 2.4% in the third quarter. PNC Financial Services Group Inc. now owns 28,183 shares of the software maker’s stock valued at $4,269,000 after acquiring an additional 654 shares in the last quarter. 84.07% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile (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.

See Also

Insider Buying and Selling by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.