Paul Scannell Sells 3,171 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $301.24 on Thursday. The firm’s 50-day moving average is $292.03 and its two-hundred day moving average is $286.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market capitalization of $82.62 billion, a P/E ratio of 79.07, a P/E/G ratio of 4.19 and a beta of 1.03. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the company earned $1.01 EPS. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $327.92.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors have recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. grew its holdings in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after buying an additional 1,119,824 shares during the period. Van ECK Associates Corp grew its holdings in Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares during the period. Meridiem Investment Management Ltd. purchased a new stake in Cadence Design Systems in the third quarter valued at approximately $129,285,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of Cadence Design Systems by 153.4% during the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock valued at $144,953,000 after buying an additional 285,130 shares during the period. 84.85% of the stock is currently 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.