Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) Director Lewis Chew sold 375 shares of the company's stock in a transaction on Tuesday, November 10th. The stock was sold at an average price of $331.43, for a total transaction of $124,286.25. Following the completion of the transaction, the director directly owned 8,756 shares in the company, valued at $2,902,001.08. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
Cadence Design Systems Price Performance
Shares of NASDAQ:CDNS opened at $333.32 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.18 and a debt-to-equity ratio of 0.29. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69. The business has a fifty day simple moving average of $320.47 and a 200 day simple moving average of $327.74. The firm has a market cap of $91.46 billion, a price-to-earnings ratio of 66.27, a P/E/G ratio of 3.12 and a beta of 1.10.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating the consensus estimate of $2.05 by $0.06. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter in the previous year, the business posted $1.93 EPS. The firm's quarterly revenue was up 22.0% compared to the same quarter last year. As a group, sell-side analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research firms have commented on CDNS. Piper Sandler boosted their target price on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 28th. Deutsche Bank reaffirmed a "buy" rating and issued a $420.00 price objective (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $420.00 to $440.00 and gave the company an "outperform" rating in a research note on Tuesday, October 27th. Morgan Stanley reiterated an "overweight" rating and issued a $400.00 price objective (up from $370.00) on shares of Cadence Design Systems in a report on Wednesday, July 29th. Finally, KeyCorp reissued an "overweight" rating on shares of Cadence Design Systems in a research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $410.05.
View Our Latest Report on Cadence Design Systems
Trending Headlines about Cadence Design Systems
Here are a few of the latest headlines about CDNS:
- Neutral Sentiment: Options-market implied volatility has risen, signaling greater expectations of price movement but not indicating whether traders anticipate gains or losses. Options volatility article
- Neutral Sentiment: Director Lewis Chew sold 375 shares, while VP Paul Scannell sold 2,401 shares under a pre-arranged Rule 10b5-1 plan. Insider sales can draw attention, though the planned nature of Scannell’s transaction makes it less clearly a signal about near-term prospects. Chew SEC filing Scannell SEC filing
- Negative Sentiment: One commentary warns CDNS could be overvalued despite the AI design-platform news, raising the risk that positive product developments are already reflected in the stock’s valuation. Valuation commentary
Institutional Investors Weigh In On Cadence Design Systems
Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. George Kaiser Family Foundation bought a new position in shares of Cadence Design Systems in the second quarter worth about $725,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Cadence Design Systems by 65.7% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 26,160 shares of the software maker's stock worth $8,638,000 after purchasing an additional 10,376 shares during the last quarter. Vega Investment Solutions bought a new stake in Cadence Design Systems during the 2nd quarter valued at approximately $1,957,000. Park National Corp OH boosted its stake in Cadence Design Systems by 186.9% during the 3rd quarter. Park National Corp OH now owns 372,703 shares of the software maker's stock valued at $123,063,000 after purchasing an additional 242,816 shares during the period. Finally, American National Bank & Trust grew its holdings in Cadence Design Systems by 7,625.4% in the 3rd quarter. American National Bank & Trust now owns 9,116 shares of the software maker's stock valued at $3,010,000 after buying an additional 8,998 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.
About Cadence Design Systems
(
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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