Insider Selling: James J. Cowie Unloads 110,000 Shares of Cadence Design Systems Stock (CDNS)
Cadence Design Systems (NASDAQ:CDNS) VP James J. Cowie sold 110,000 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $16.09, for a total transaction of $1,769,900.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded up 1.33% on Thursday, hitting $16.76. 3,094,897 shares of the company’s stock traded hands. Cadence Design Systems has a 52 week low of $12.55 and a 52 week high of $16.85. The stock has a 50-day moving average of $15.30 and a 200-day moving average of $14.51. The company has a market cap of $4.852 billion and a P/E ratio of 41.14.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 21st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. The company had revenue of $378.55 million for the quarter, compared to the consensus estimate of $376.80 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts expect that Cadence Design Systems will post $0.97 EPS for the current fiscal year.
A number of analysts have recently weighed in on CDNS shares. Analysts at Summit Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday. They now have a $19.00 price target on the stock, up previously from $16.00. Separately, analysts at DA Davidson reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Wednesday, April 16th. They now have a $18.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Cadence Design Systems from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 1st. They now have a $17.50 price target on the stock. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Cadence Design Systems has an average rating of “Buy” and a consensus target price of $17.70.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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