Key Points
- Cadence VP Paul Scannell sold 2,401 shares for about $814,000 at $339 per share under a pre-arranged Rule 10b5-1 plan, reducing his direct holdings by 7.96% to 27,763 shares.
- Cadence beat quarterly earnings and revenue estimates, with EPS of $2.11 and revenue of $1.63 billion; revenue grew 22% year over year.
- Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $410.05.
Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) VP Paul Scannell sold 2,401 shares of the business's stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $339.00, for a total transaction of $813,939.00. Following the completion of the sale, the vice president directly owned 27,763 shares of the company's stock, valued at approximately $9,411,657. This trade represents a 7.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Paul Scannell also recently made the following trade(s):
- On Wednesday, August 26th, Paul Scannell sold 280 shares of Cadence Design Systems stock. The stock was sold at an average price of $339.00, for a total transaction of $94,920.00.
Cadence Design Systems Stock Performance
Shares of NASDAQ:CDNS opened at $331.64 on Wednesday. The firm has a market cap of $91.00 billion, a PE ratio of 53.93, a price-to-earnings-growth ratio of 3.19 and a beta of 1.10. The firm's 50 day simple moving average is $319.61 and its 200-day simple moving average is $327.62. Cadence Design Systems, Inc. has a one year low of $262.75 and a one year high of $416.69. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.06. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company's revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.93 earnings per share. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 6.71 EPS for the current year.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on CDNS shares. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $420.00 target price (up from $400.00) on shares of Cadence Design Systems in a research report on Wednesday, October 7th. Bank of America increased their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Mizuho set a $400.00 price target on Cadence Design Systems in a research report on Tuesday, October 27th. JPMorgan Chase & Co. raised their price target on Cadence Design Systems from $405.00 to $420.00 and gave the company an "overweight" rating in a research note on Tuesday, October 27th. Finally, Benchmark restated a "buy" rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $410.05.
Get Our Latest Analysis on CDNS
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in CDNS. Assenagon Asset Management S.A. boosted its position in Cadence Design Systems by 1,097.5% during the third quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker's stock valued at $930,522,000 after purchasing an additional 2,582,812 shares in the last quarter. Legal & General Group Plc purchased a new position in Cadence Design Systems in the second quarter valued at about $702,615,000. Jupiter Topco LLC purchased a new position in Cadence Design Systems in the second quarter valued at about $688,746,000. Bank of New York Mellon Corp purchased a new position in Cadence Design Systems in the second quarter valued at about $607,350,000. Finally, Pictet Asset Management Holding SA raised its holdings in Cadence Design Systems by 118.5% in the third quarter. Pictet Asset Management Holding SA now owns 2,752,620 shares of the software maker's stock worth $908,709,000 after purchasing an additional 1,493,024 shares in the last quarter. 84.85% of the stock is owned by institutional investors.
Cadence Design Systems Company Profile
(
Get Free Report)
Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.
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