Paul Cunningham Sells 650 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the sale, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Tuesday, September 3rd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $266.89, for a total value of $173,478.50.
• On Thursday, August 1st, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $266.24, for a total value of $173,056.00.

Cadence Design Systems Stock Up 1.1 %

Shares of NASDAQ:CDNS opened at $268.65 on Friday. The stock has a fifty day simple moving average of $267.08 and a two-hundred day simple moving average of $287.89. The stock has a market capitalization of $73.19 billion, a price-to-earnings ratio of 69.96, a PEG ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $228.66 and a 12-month high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 earnings per share. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Capital Market Strategies LLC lifted its holdings in shares of Cadence Design Systems by 3.1% during the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares in the last quarter. Inspire Advisors LLC lifted its holdings in shares of Cadence Design Systems by 1.8% during the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after purchasing an additional 40 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in shares of Cadence Design Systems by 4.5% during the first 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 in the last quarter. First Affirmative Financial Network lifted its holdings in Cadence Design Systems by 3.6% in the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after acquiring an additional 46 shares during the period. Finally, Gilbert & Cook Inc. lifted its holdings in Cadence Design Systems by 1.3% in the first quarter. Gilbert & Cook Inc. now owns 3,666 shares of the software maker’s stock valued at $1,141,000 after acquiring an additional 47 shares during the period. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of several research reports. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $323.60.

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.