Vincentelli Albert Sangiovanni Sells 4,000 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Vincentelli Albert Sangiovanni sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $241.26, for a total value of $965,040.00. Following the transaction, the director now owns 66,683 shares of the company’s stock, valued at approximately $16,087,940.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Vincentelli Albert Sangiovanni also recently made the following trade(s):

• On Tuesday, August 8th, Vincentelli Albert Sangiovanni sold 8,800 shares of Cadence Design Systems stock. The stock was sold at an average price of $230.23, for a total value of $2,026,024.00.

Cadence Design Systems Stock Up 2.0 %

CDNS opened at $241.13 on Thursday. Cadence Design Systems, Inc. has a twelve month low of $138.76 and a twelve month high of $248.16. The company has a quick ratio of 1.26, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average price of $234.36 and a 200-day moving average price of $221.10. The stock has a market capitalization of $65.54 billion, a price-to-earnings ratio of 73.97, a PEG ratio of 3.22 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.04. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The business had revenue of $977.00 million during the quarter, compared to analyst estimates of $975.99 million. During the same period in the previous year, the business earned $0.85 EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Barrett & Company Inc. bought a new stake in Cadence Design Systems during the first quarter valued at approximately $30,000. ETF Managers Group LLC raised its holdings in Cadence Design Systems by 3.8% in the 4th quarter. ETF Managers Group LLC now owns 4,323 shares of the software maker’s stock worth $694,000 after purchasing an additional 157 shares during the period. Handelsbanken Fonder AB lifted its position in Cadence Design Systems by 5.5% during the first quarter. Handelsbanken Fonder AB now owns 33,910 shares of the software maker’s stock valued at $7,124,000 after purchasing an additional 1,765 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Cadence Design Systems by 10.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 25,706 shares of the software maker’s stock valued at $5,401,000 after purchasing an additional 2,377 shares during the period. Finally, Ontario Teachers Pension Plan Board increased its position in Cadence Design Systems by 1.4% in the first quarter. Ontario Teachers Pension Plan Board now owns 13,231 shares of the software maker’s stock worth $2,780,000 after buying an additional 178 shares in the last quarter. 83.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on CDNS shares. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $250.00 to $270.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 18th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price objective on shares of Cadence Design Systems in a research note on Friday, August 25th. KeyCorp raised their price target on Cadence Design Systems from $265.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, July 25th. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $253.00 to $257.00 in a research note on Tuesday, July 25th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $235.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 25th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $255.22.

Cadence Design Systems Company Profile

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.