Cadence Design Systems (NASDAQ:CDNS) Stock: Insider Paul Scannell Sells 2,401 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Scannell sold 2,401 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $339.00, for a total transaction of $813,939.00. Following the transaction, the vice president owned 27,763 shares of the company’s stock, valued at approximately $9,411,657. This trade represents a 7.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 shares were sold at an average price of $339.00, for a total transaction of $94,920.00.

Cadence Design Systems Price Performance

Shares of CDNS opened at $329.26 on Thursday. The company has a 50 day moving average of $319.93 and a two-hundred day moving average of $327.68. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. Cadence Design Systems, Inc. has a twelve month low of $262.75 and a twelve month high of $416.69. The company has a market cap of $90.34 billion, a price-to-earnings ratio of 53.15, a price-to-earnings-growth ratio of 3.14 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The business’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.93 earnings per share. As a group, analysts predict that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Cadence Design Systems News Summary

Investors following CDNS have been watching these news items:

• Neutral Sentiment: Analyst coverage remains broadly favorable: the cited consensus is “Moderate Buy,” with an average target of about $410. This is supportive background, rather than a clearly new rating catalyst. Article: Wall Street Analysts Think Cadence Is a Good Investment: Is It?
• Negative Sentiment: A recent article argues CDNS could be overvalued despite the new AI-related design-platform news. With the stock’s valuation elevated, investors may want evidence that new offerings can translate into sustained growth. Article: Cadence Design Systems Stock Could Be Overvalued On Fresh AI Design Platform News
• Negative Sentiment: VP Paul Scannell sold 2,401 shares, reducing his holding by about 8%. The transaction was made under a pre-arranged Rule 10b5-1 plan, which may lessen its significance as a bearish signal. Article: Cadence Design Systems VP Sells 2,401 Shares of Stock

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the second quarter valued at about $30,000. Fiduciary Financial Advisors purchased a new position in shares of Cadence Design Systems in the second quarter worth about $31,000. Arlington Trust Co LLC raised its stake in shares of Cadence Design Systems by 154.3% in the second quarter. Arlington Trust Co LLC now owns 89 shares of the software maker’s stock worth $33,000 after purchasing an additional 54 shares during the last quarter. Burkett Financial Services LLC purchased a new position in shares of Cadence Design Systems in the third quarter worth about $30,000. Finally, Balance Wealth Partners LLC acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $32,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CDNS shares. Citigroup boosted their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings lowered shares of Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. Rothschild & Co Redburn lifted their target price on shares of Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Morgan Stanley reissued an “overweight” rating and set a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. Finally, FBN Securities assumed coverage on shares of Cadence Design Systems in a research report on Friday, September 11th. They set an “outperform” rating and a $375.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $410.05.

About Cadence Design Systems

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.