Cadence Design Systems (NASDAQ:CDNS) Stock Price Down 3.9% on Insider Selling

Cadence Design Systems, Inc. (NASDAQ:CDNS)’s stock price was down 3.9% on Thursday following insider selling activity. The company traded as low as $310.70 and last traded at $311.99. Approximately 290,581 shares changed hands during trading, a decline of 83% from the average daily volume of 1,752,542 shares. The stock had previously closed at $324.54.

Specifically, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent analyst reports. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Finally, Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Trading Up 1.2 %

The stock has a market cap of $84.34 billion, a PE ratio of 80.71, a PEG ratio of 4.25 and a beta of 1.03. The company’s fifty day moving average is $285.09 and its 200-day moving average is $285.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business posted $1.01 EPS. The company’s revenue was up 18.8% on a year-over-year basis. On average, analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently modified their holdings of the company. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the 3rd quarter worth about $27,000. ORG Partners LLC increased its position in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems in the 3rd quarter valued at $28,000. Prestige Wealth Management Group LLC lifted its holdings in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares in the last quarter. Finally, Chilton Capital Management LLC boosted its stake in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares during the last quarter. 84.85% of the stock is 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.