Insider Selling: Cadence Design Systems Inc (CDNS) CEO Sells 100,000 Shares of Stock

Cadence Design Systems Inc (NASDAQ:CDNS) CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $44.82, for a total value of $4,482,000.00. Following the completion of the transaction, the chief executive officer now directly owns 502,813 shares of the company’s stock, valued at approximately $22,536,078.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Shares of CDNS stock traded down $0.26 during trading hours on Tuesday, hitting $44.92. The company had a trading volume of 1,505,900 shares, compared to its average volume of 2,560,493. Cadence Design Systems Inc has a 12 month low of $32.85 and a 12 month high of $46.00. The firm has a market cap of $12.69 billion, a P/E ratio of 42.38, a P/E/G ratio of 3.94 and a beta of 1.12. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 0.30.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 23rd. The software maker reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.03. Cadence Design Systems had a return on equity of 29.43% and a net margin of 10.52%. The company had revenue of $517.00 million for the quarter, compared to analyst estimates of $505.33 million. During the same period in the prior year, the company posted $0.32 EPS. The company’s revenue was up 8.4% compared to the same quarter last year. sell-side analysts forecast that Cadence Design Systems Inc will post 0.95 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in shares of Cadence Design Systems by 3.5% in the 4th quarter. BlackRock Inc. now owns 19,696,293 shares of the software maker’s stock valued at $823,698,000 after purchasing an additional 659,728 shares during the period. California Public Employees Retirement System grew its stake in shares of Cadence Design Systems by 2.8% in the 4th quarter. California Public Employees Retirement System now owns 648,730 shares of the software maker’s stock valued at $27,130,000 after purchasing an additional 17,954 shares during the period. Wealthfront Inc. bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $433,000. Goldman Sachs Group Inc. grew its stake in shares of Cadence Design Systems by 3.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,075,810 shares of the software maker’s stock valued at $254,090,000 after purchasing an additional 188,079 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Cadence Design Systems by 139.8% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,691 shares of the software maker’s stock valued at $364,000 after purchasing an additional 5,066 shares during the period. Institutional investors own 85.92% of the company’s stock.

Several equities analysts have commented on CDNS shares. ValuEngine raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. BidaskClub cut Cadence Design Systems from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 13th. Zacks Investment Research raised Cadence Design Systems from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 3rd. DA Davidson raised Cadence Design Systems from a “neutral” rating to a “buy” rating in a report on Thursday, April 5th. Finally, Needham & Company LLC raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a report on Tuesday, April 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $43.71.

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.

Insider Buying and Selling by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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