Insider Selling: Cadence Design Systems Director Sells 25,000 Shares of Stock (CDNS)
Cadence Design Systems (NASDAQ:CDNS) Director Roger S. Siboni unloaded 25,000 shares of the company’s stock on the open market in a transaction dated Monday, February 24th. The shares were sold at an average price of $15.25, for a total value of $381,250.00. Following the sale, the director now directly owns 20,000 shares in the company, valued at approximately $305,000. The sale was disclosed in a document filed with the SEC, which is available at this link.
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 analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average target price of $17.03.
Shares of Cadence Design Systems (NASDAQ:CDNS) remained flat at $15.14 during during mid-day trading trading on Monday. The stock had a trading volume of 2,776,282 shares. Cadence Design Systems has a 52 week low of $12.33 and a 52 week high of $15.96. The stock has a 50-day moving average of $14.35 and a 200-day moving average of $13.76. The company has a market cap of $4.240 billion and a P/E ratio of 27.04.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings data on Wednesday, January 29th. The company reported $0.23 earnings per share (EPS) for the quarter, meeting the 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 previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. Analysts expect that Cadence Design Systems will post $0.97 EPS 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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