Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Sells 1,500 Shares of 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 Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

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

• On Thursday, August 15th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The stock was sold at an average price of $276.24, for a total value of $414,360.00.
• On Monday, July 15th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $314.57, for a total value of $471,855.00.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $273.76 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm has a market cap of $74.58 billion, a PE ratio of 71.29, a P/E/G ratio of 3.19 and a beta of 1.02. The firm has a 50 day simple moving average of $269.55 and a 200-day simple moving average of $290.48. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99.

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at approximately $25,000. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth $26,000. ORG Partners LLC raised its position in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in Cadence Design Systems in the first quarter valued at $32,000. Finally, Union Savings Bank purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $33,000. Hedge funds and other 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.