Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham Sells 1,000 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Paul Cunningham also recently made the following trade(s):

• On Monday, April 1st, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $310.46, for a total value of $310,460.00.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $281.63 on Friday. The firm has a market capitalization of $76.64 billion, a price-to-earnings ratio of 73.34, a price-to-earnings-growth ratio of 3.25 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The business’s 50 day simple moving average is $302.02 and its 200-day simple moving average is $282.12. Cadence Design Systems, Inc. has a 12 month low of $198.92 and a 12 month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the business earned $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CDNS shares. Piper Sandler decreased their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Robert W. Baird lifted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $326.11.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust lifted its stake in Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after buying an additional 38 shares in the last quarter. Highview Capital Management LLC DE lifted its position in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares in the last quarter. Fiduciary Trust Co boosted its stake in shares of Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after acquiring an additional 39 shares during the last quarter. GraniteShares Advisors LLC increased its position in Cadence Design Systems by 1.2% during the 1st quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after purchasing an additional 40 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC raised its stake in Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.