Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) insider Lip Bu Tan sold 40,000 shares of the stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $156.11, for a total value of $6,244,400.00. Following the transaction, the insider now directly owns 1,036,936 shares in the company, valued at approximately $161,876,078.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Lip Bu Tan also recently made the following trade(s):
- On Monday, October 17th, Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $154.66, for a total transaction of $7,733,000.00.
- On Wednesday, September 21st, Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $168.76, for a total value of $6,750,400.00.
- On Thursday, September 15th, Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock. The shares were sold at an average price of $162.87, for a total value of $8,143,500.00.
- On Friday, August 19th, Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $187.99, for a total value of $7,519,600.00.
- On Tuesday, August 16th, Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock. The stock was sold at an average price of $192.42, for a total transaction of $9,621,000.00.
Cadence Design Systems Trading Down 5.6 %
Cadence Design Systems stock traded down $8.90 during mid-day trading on Tuesday, hitting $151.32. 5,077,261 shares of the company’s stock were exchanged, compared to its average volume of 1,770,755. Cadence Design Systems, Inc. has a fifty-two week low of $132.32 and a fifty-two week high of $194.97. The company has a quick ratio of 1.49, a current ratio of 1.59 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $41.44 billion, a P/E ratio of 57.43, a PEG ratio of 2.69 and a beta of 1.15. The company’s 50 day simple moving average is $167.87 and its 200-day simple moving average is $160.81.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its quarterly earnings data on Monday, October 24th. The software maker reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.10. Cadence Design Systems had a return on equity of 32.06% and a net margin of 23.61%. The business had revenue of $902.55 million for the quarter, compared to analysts’ expectations of $868.85 million. During the same quarter in the previous year, the business posted $0.65 EPS. Cadence Design Systems’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 3.31 earnings per share for the current year.
Institutional Investors Weigh In On Cadence Design Systems
Several large investors have recently made changes to their positions in CDNS. Janney Montgomery Scott LLC boosted its position in shares of Cadence Design Systems by 1.6% during the third quarter. Janney Montgomery Scott LLC now owns 60,562 shares of the software maker’s stock worth $9,897,000 after buying an additional 972 shares during the period. Emerald Mutual Fund Advisers Trust acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $194,000. Emerald Advisers LLC grew its stake in shares of Cadence Design Systems by 41.8% during the 3rd quarter. Emerald Advisers LLC now owns 12,490 shares of the software maker’s stock worth $2,041,000 after acquiring an additional 3,680 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of Cadence Design Systems by 1.5% in the third quarter. Fifth Third Bancorp now owns 38,508 shares of the software maker’s stock valued at $6,293,000 after purchasing an additional 552 shares during the last quarter. Finally, Meritage Portfolio Management lifted its position in shares of Cadence Design Systems by 65.2% in the third quarter. Meritage Portfolio Management now owns 91,410 shares of the software maker’s stock worth $14,939,000 after purchasing an additional 36,088 shares in the last quarter. Institutional investors own 84.02% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on CDNS shares. Stifel Nicolaus initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 7th. They set a “hold” rating and a $200.00 price objective for the company. Bank of America raised shares of Cadence Design Systems from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $160.00 to $175.00 in a report on Wednesday, June 29th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $204.00 to $198.00 in a report on Tuesday. StockNews.com began coverage on shares of Cadence Design Systems in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Finally, Needham & Company LLC boosted their price objective on Cadence Design Systems from $193.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, July 26th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $191.38.
About Cadence Design Systems
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.
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