Cadence Design Systems CFO Geoffrey Ribar Sells 40,000 Shares (CDNS)
Cadence Design Systems (NASDAQ:CDNS) CFO Geoffrey Ribar sold 40,000 shares of Cadence Design Systems stock on the open market in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $13.49, for a total value of $539,600.00. Following the completion of the sale, the chief financial officer now directly owns 124,252 shares of the company’s stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
A number of research firms have recently commented on CDNS. Analysts at Zacks downgraded shares of Cadence Design Systems (NASDAQ:CDNS) from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, August 5th. They now have a $17.00 price target on the stock. Separately, analysts at Pacific Crest initiated coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note to investors on Tuesday, July 30th. They set a “sector perform” rating on the stock. Finally, analysts at Piper Jaffray Cos. cut their price target on shares of Cadence Design Systems (NASDAQ:CDNS) from $20.00 to $19.00 in a research note to investors on Thursday, July 25th.
Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Cadence Design Systems presently has an average rating of “Buy” and a consensus target price of $16.94.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded up 1.08% on Tuesday, hitting $13.51. The stock had a trading volume of 2,305,353 shares. Cadence Design Systems has a 1-year low of $11.61 and a 1-year high of $15.96. The stock has a 50-day moving average of $14.20 and a 200-day moving average of $14.23. The company has a market cap of $3.836 billion and a P/E ratio of 8.36.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings data on Wednesday, July 24th. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.01. The company had revenue of $362.00 million for the quarter, compared to the consensus estimate of $359.60 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. On average, analysts predict that Cadence Design Systems will post $0.86 earnings per share for the current fiscal year.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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