Insider Selling: Cadence Design Systems Inc. (CDNS) Director Sells $126,350.00 in Stock
Cadence Design Systems Inc. (NASDAQ:CDNS) Director George Scalise sold 5,000 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $25.27, for a total value of $126,350.00. Following the completion of the transaction, the director now owns 38,579 shares of the company’s stock, valued at approximately $974,891.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) opened at 24.40 on Tuesday. Cadence Design Systems Inc. has a 52-week low of $18.32 and a 52-week high of $26.24. The stock has a market cap of $7.13 billion, a PE ratio of 28.91 and a beta of 1.05. The company’s 50-day moving average price is $24.94 and its 200-day moving average price is $24.22.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 25th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The business earned $453 million during the quarter, compared to analyst estimates of $449.54 million. During the same quarter in the previous year, the firm posted $0.27 EPS. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. Analysts expect that Cadence Design Systems Inc. will post $1.20 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Highbridge Capital Management LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter worth about $1,017,000. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter worth about $49,412,000. Boston Advisors LLC raised its position in shares of Cadence Design Systems by 6.0% in the first quarter. Boston Advisors LLC now owns 596,995 shares of the company’s stock worth $14,077,000 after buying an additional 33,645 shares during the period. Aperio Group LLC raised its position in shares of Cadence Design Systems by 14.2% in the first quarter. Aperio Group LLC now owns 94,340 shares of the company’s stock worth $2,225,000 after buying an additional 11,748 shares during the period. Finally, Nisa Investment Advisors L.L.C. raised its position in shares of Cadence Design Systems by 29.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 56,690 shares of the company’s stock worth $1,337,000 after buying an additional 12,900 shares during the period. Institutional investors own 85.97% of the company’s stock.
Several research analysts have issued reports on the company. Royal Bank Of Canada assumed coverage on Cadence Design Systems in a research report on Monday, June 6th. They issued an “outperform” rating and a $29.00 price objective for the company. RBC Capital Markets reiterated an “outperform” rating and issued a $29.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Bank of America Corp. reiterated a “buy” rating and issued a $30.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Finally, Needham & Company LLC cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $25.86.
About Cadence Design Systems
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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