Cadence Design Systems Director Sells 25,000 Shares (CDNS)
Cadence Design Systems (NASDAQ:CDNS) Director Roger S. Siboni sold 25,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $16.93, for a total value of $423,250.00. Following the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $338,600. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded up 0.90% during mid-day trading on Friday, hitting $16.88. 2,667,131 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 $17.24. The stock has a 50-day moving average of $16.12 and a 200-day moving average of $14.9. The company has a market cap of $4.887 billion and a P/E ratio of 41.62. Cadence Design Systems also was the target of a significant growth in short interest in the month of May. As of May 30th, there was short interest totalling 37,624,394 shares, a growth of 3.8% from the May 15th total of 36,242,405 shares. Approximately 13.2% of the company’s shares are short sold. Based on an average daily trading volume, of 3,742,144 shares, the short-interest ratio is presently 10.1 days.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results 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, May 20th. 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 investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $17.63.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).