Aneel Zaman Sells 32,255 Shares of Cadence Design Systems, Inc. (CDNS) Stock
Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Aneel Zaman sold 32,255 shares of Cadence Design Systems stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $44.32, for a total value of $1,429,541.60. Following the transaction, the vice president now directly owns 217,497 shares of the company’s stock, valued at $9,639,467.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Cadence Design Systems, Inc. (NASDAQ:CDNS) traded down $0.28 during trading on Friday, hitting $44.58. The company had a trading volume of 1,813,641 shares, compared to its average volume of 2,338,326. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. Cadence Design Systems, Inc. has a fifty-two week low of $24.15 and a fifty-two week high of $45.39. The company has a market capitalization of $12,600.00, a PE ratio of 47.66, a price-to-earnings-growth ratio of 3.50 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The business had revenue of $485.40 million during the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.30 earnings per share. equities analysts predict that Cadence Design Systems, Inc. will post 1.06 EPS for the current fiscal year.
CDNS has been the subject of a number of analyst reports. Royal Bank Of Canada lifted their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Bank of America Corporation lifted their price target on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, July 27th. Finally, Credit Suisse Group reaffirmed an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $40.60.
A number of hedge funds have recently made changes to their positions in CDNS. Creative Planning increased its position in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after purchasing an additional 2,323 shares during the period. Commonwealth Bank of Australia increased its position in Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after purchasing an additional 1,300 shares during the period. Advisor Group Inc. increased its position in Cadence Design Systems by 151.4% in the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after purchasing an additional 2,505 shares during the period. Dupont Capital Management Corp acquired a new stake in Cadence Design Systems in the third quarter worth about $170,000. Finally, Parkwood LLC acquired a new stake in Cadence Design Systems in the third quarter worth about $201,000. Hedge funds and other institutional investors own 84.15% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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