Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells $3,058,400.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Chin-Chi Teng also recently made the following trade(s):

• On Thursday, June 6th, Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $316.78 on Wednesday. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The stock has a market capitalization of $86.30 billion, a price-to-earnings ratio of 82.41, a PEG ratio of 3.77 and a beta of 1.03. The stock has a 50-day moving average of $295.02 and a 200 day moving average of $294.24. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the firm posted $1.02 EPS. Sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of several research analyst reports. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Piper Sandler reduced their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. KeyCorp boosted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. Finally, Robert W. Baird upped their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. GAMMA Investing LLC increased its holdings in Cadence Design Systems by 39.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,532 shares of the software maker’s stock valued at $779,000 after acquiring an additional 719 shares in the last quarter. Transcend Capital Advisors LLC bought a new position in Cadence Design Systems during the second quarter worth $300,000. Capital Market Strategies LLC raised 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 worth $400,000 after purchasing an additional 39 shares during the period. Jackson Wealth Management LLC grew its position in shares of Cadence Design Systems by 7.4% during the 1st quarter. Jackson Wealth Management LLC now owns 14,642 shares of the software maker’s stock valued at $4,558,000 after buying an additional 1,014 shares during the last quarter. Finally, Objective Capital Management LLC lifted its holdings in Cadence Design Systems by 6.3% in the first quarter. Objective Capital Management LLC now owns 1,298 shares of the software maker’s stock worth $404,000 after acquiring an additional 77 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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.