Insider Selling: Cadence Design Systems Inc (CDNS) Insider Sells 5,084 Shares of Stock

Cadence Design Systems Inc (NASDAQ:CDNS) insider Chin-Chi Teng sold 5,084 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $57.92, for a total transaction of $294,465.28. Following the sale, the insider now directly owns 106,363 shares of the company’s stock, valued at $6,160,544.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Cadence Design Systems stock traded down $0.36 during trading hours on Wednesday, reaching $58.51. The stock had a trading volume of 1,917,946 shares, compared to its average volume of 1,780,135. The company has a market capitalization of $16.52 billion, a PE ratio of 47.57, a P/E/G ratio of 3.30 and a beta of 1.06. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.34. Cadence Design Systems Inc has a 52 week low of $35.49 and a 52 week high of $59.17.

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Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 19th. The software maker reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.06. The business had revenue of $569.90 million during the quarter, compared to the consensus estimate of $550.22 million. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. On average, equities analysts predict that Cadence Design Systems Inc will post 1.4 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $61,212,000. Teacher Retirement System of Texas increased its holdings in shares of Cadence Design Systems by 14.9% during the fourth quarter. Teacher Retirement System of Texas now owns 465,679 shares of the software maker’s stock valued at $20,248,000 after acquiring an additional 60,430 shares in the last quarter. FMR LLC increased its holdings in shares of Cadence Design Systems by 14,036.2% during the fourth quarter. FMR LLC now owns 1,039,579 shares of the software maker’s stock valued at $45,200,000 after acquiring an additional 1,032,225 shares in the last quarter. Kentucky Retirement Systems acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $534,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $243,000. Institutional investors and hedge funds own 87.72% of the company’s stock.

A number of analysts have recently issued reports on CDNS shares. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, November 20th. They set a “hold” rating and a $50.00 target price for the company. BidaskClub upgraded Cadence Design Systems from a “sell” rating to a “hold” rating in a report on Friday, November 23rd. Zacks Investment Research downgraded Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a report on Monday, December 31st. DA Davidson boosted their target price on shares of Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a report on Wednesday, February 20th. Finally, Needham & Company LLC boosted their target price on shares of Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a report on Wednesday, February 20th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $54.38.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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