Roger S. Siboni Sells 18,000 Shares of Cadence Design Systems, Inc. (CDNS) Stock
Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Roger S. Siboni sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $43.14, for a total transaction of $776,520.00. Following the sale, the director now directly owns 52,194 shares of the company’s stock, valued at approximately $2,251,649.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Shares of Cadence Design Systems, Inc. (NASDAQ CDNS) opened at $43.90 on Friday. The firm has a market cap of $12,395.60, a P/E ratio of 47.20, a PEG ratio of 3.46 and a beta of 0.94. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems, Inc. has a twelve month low of $24.15 and a twelve month high of $43.92.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The business had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.30 EPS. research analysts forecast that Cadence Design Systems, Inc. will post 1.06 earnings per share for the current year.
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A number of brokerages have recently weighed in on CDNS. DA Davidson upped their price target on shares of Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Royal Bank Of Canada reaffirmed a “buy” rating and set a $46.00 price target on shares of Cadence Design Systems in a report on Friday, October 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Wednesday. Finally, BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $40.60.
A number of large investors have recently modified their holdings of the stock. Pettee Investors Inc. bought a new position in Cadence Design Systems in the 3rd quarter valued at approximately $804,000. Parkwood LLC bought a new position in Cadence Design Systems in the 3rd quarter valued at approximately $201,000. American Century Companies Inc. lifted its stake in Cadence Design Systems by 9.3% in the 3rd quarter. American Century Companies Inc. now owns 224,576 shares of the software maker’s stock valued at $8,864,000 after purchasing an additional 19,137 shares during the last quarter. State of Wisconsin Investment Board lifted its stake in Cadence Design Systems by 4.3% in the 3rd quarter. State of Wisconsin Investment Board now owns 318,798 shares of the software maker’s stock valued at $12,583,000 after purchasing an additional 13,027 shares during the last quarter. Finally, Chicago Equity Partners LLC lifted its stake in Cadence Design Systems by 64.1% in the 3rd quarter. Chicago Equity Partners LLC now owns 45,770 shares of the software maker’s stock valued at $1,807,000 after purchasing an additional 17,870 shares during the last quarter. 85.46% of the stock is owned by institutional investors and hedge funds.
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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