Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Sells $463,245.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Thursday, March 14th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The stock was sold at an average price of $309.16, for a total value of $463,740.00.
• On Tuesday, February 6th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00.
• On Wednesday, January 24th, Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00.

Cadence Design Systems Stock Down 2.7 %

Shares of CDNS opened at $285.90 on Friday. Cadence Design Systems, Inc. has a one year low of $194.01 and a one year high of $327.36. The company has a market cap of $77.83 billion, a P/E ratio of 74.84, a P/E/G ratio of 3.65 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The firm has a 50 day simple moving average of $306.16 and a two-hundred day simple moving average of $279.39.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Research analysts forecast that Cadence Design Systems, Inc. will post 4.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Piper Sandler initiated coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price target for the company. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $318.10.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. grew its stake in shares of Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after buying an additional 39 shares during the last quarter. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems during the first quarter worth $32,000. Finally, Quarry LP grew its stake in shares of Cadence Design Systems by 550.0% during the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after buying an additional 88 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

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.