Insider Selling: Thomas P. Beckley Sells 93,713 Shares of Cadence Design Systems Stock (CDNS)
Cadence Design Systems (NASDAQ:CDNS) VP Thomas P. Beckley sold 93,713 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $14.63, for a total transaction of $1,371,021.19. Following the transaction, the vice president now directly owns 81,068 shares in the company, valued at approximately $1,186,025. The sale was disclosed in a filing with the SEC, which is available at this link.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded down 0.07% on Thursday, hitting $14.57. 1,787,954 shares of the company’s stock traded hands. Cadence Design Systems has a 1-year low of $12.33 and a 1-year high of $15.96. The stock has a 50-day moving average of $14.18 and a 200-day moving average of $13.76. The company has a market cap of $4.081 billion and a price-to-earnings ratio of 26.04.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.23 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.23. The company had revenue of $376.70 million for the quarter, compared to the consensus estimate of $375.62 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis. On average, analysts predict that Cadence Design Systems will post $0.98 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of Cadence Design Systems from a “neutral” rating to an “outperform” rating in a research note on Tuesday, February 4th. They now have a $15.20 price target on the stock. Separately, analysts at Needham & Company upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Friday, January 3rd. They now have a $16.00 price target on the stock. Finally, analysts at Pacific Crest upgraded shares of Cadence Design Systems from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, November 26th. Eight research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and an average price target of $17.03.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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