Cadence Design Systems, Inc. (CDNS) Insider Sells $1,968,750.00 in Stock
Cadence Design Systems, Inc. (NASDAQ:CDNS) insider Thomas P. Beckley sold 56,250 shares of the stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares of the company’s stock, valued at approximately $11,295,690. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Cadence Design Systems, Inc. (NASDAQ:CDNS) traded down 0.31% on Friday, hitting $34.98. 1,537,730 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $34.38 and its 200-day moving average price is $31.53. The company has a market cap of $9.78 billion, a PE ratio of 44.96 and a beta of 0.93. Cadence Design Systems, Inc. has a 12-month low of $23.83 and a 12-month high of $35.69.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 24th. The software maker reported $0.32 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.32. Cadence Design Systems had a net margin of 11.97% and a return on equity of 26.52%. The business had revenue of $477 million during the quarter, compared to analysts’ expectations of $474.23 million. During the same quarter in the prior year, the business posted $0.28 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. Analysts forecast that Cadence Design Systems, Inc. will post $1.38 earnings per share for the current year.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at about $81,715,000. Ferguson Wellman Capital Management Inc. bought a new position in shares of Cadence Design Systems during the first quarter valued at about $11,825,000. CAPROCK Group Inc. bought a new position in shares of Cadence Design Systems during the first quarter valued at about $240,000. Quantitative Systematic Strategies LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at about $205,000. Finally, DnB Asset Management AS boosted its position in shares of Cadence Design Systems by 25.7% in the first quarter. DnB Asset Management AS now owns 22,500 shares of the software maker’s stock valued at $706,000 after buying an additional 4,600 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.
A number of research firms have issued reports on CDNS. BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, April 28th. 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, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average 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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