Insider Selling: Cadence Design Systems Inc (CDNS) Director Sells 50,000 Shares of Stock
Cadence Design Systems Inc (NASDAQ:CDNS) Director John B. Shoven sold 50,000 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $34.00, for a total transaction of $1,700,000.00. Following the completion of the sale, the director now directly owns 196,189 shares in the company, valued at approximately $6,670,426. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Cadence Design Systems Inc (NASDAQ:CDNS) traded up 1.43% on Thursday, hitting $34.76. 2,108,378 shares of the stock were exchanged. The firm has a market cap of $9.72 billion, a PE ratio of 44.68 and a beta of 1.00. The stock’s 50 day moving average price is $32.37 and its 200 day moving average price is $29.08. Cadence Design Systems Inc has a 52-week low of $22.99 and a 52-week high of $34.87.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 24th. The software maker reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.32. Cadence Design Systems had a return on equity of 23.03% and a net margin of 11.18%. The company had revenue of $477 million during the quarter, compared to analysts’ expectations of $474.23 million. During the same quarter in the previous year, the business earned $0.28 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts forecast that Cadence Design Systems Inc will post $1.38 earnings per share for the current year.
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Large investors have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC boosted its stake in Cadence Design Systems by 0.7% in the fourth quarter. Frontier Capital Management Co. LLC now owns 4,346,846 shares of the software maker’s stock valued at $109,627,000 after buying an additional 30,335 shares during the period. Cadence Capital Management LLC raised its stake in shares of Cadence Design Systems by 0.5% in the fourth quarter. Cadence Capital Management LLC now owns 70,934 shares of the software maker’s stock worth $1,789,000 after buying an additional 354 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $12,203,000. ETRADE Capital Management LLC acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $243,000. Finally, Ameritas Investment Partners Inc. raised its stake in shares of Cadence Design Systems by 85.2% in the third quarter. Ameritas Investment Partners Inc. now owns 88,097 shares of the software maker’s stock worth $2,249,000 after buying an additional 40,526 shares during the last quarter. Institutional investors and hedge funds own 83.26% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Thursday, April 27th. Royal Bank of Canada restated an “outperform” rating and issued a $33.00 price target (up from $30.00) on shares of Cadence Design Systems in a report on Thursday, February 9th. Finally, DA Davidson cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $29.83.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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