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 business’s 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 transaction, the director now owns 38,579 shares of the company’s stock, valued at approximately $974,891.33. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) opened at 24.40 on Tuesday. The stock’s 50 day moving average price is $24.94 and its 200-day moving average price is $24.22. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 28.91 and a beta of 1.05. Cadence Design Systems Inc. has a 12 month low of $18.32 and a 12 month high of $26.24.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 25th. The company reported $0.29 earnings per share 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 firm earned $453 million during the quarter, compared to analysts’ expectations of $449.54 million. During the same period last year, the firm posted $0.27 EPS. The business’s revenue was up 8.9% on a year-over-year basis. On average, equities research analysts predict that Cadence Design Systems Inc. will post $1.20 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in Cadence Design Systems by 77.4% in the first quarter. Wellington Management Group LLP now owns 8,660,168 shares of the company’s stock worth $204,207,000 after buying an additional 3,778,917 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Cadence Design Systems by 78.7% in the first quarter. Goldman Sachs Group Inc. now owns 7,072,984 shares of the company’s stock worth $166,781,000 after buying an additional 3,114,667 shares in the last quarter. Norges Bank acquired a new stake in Cadence Design Systems during the fourth quarter worth $49,412,000. BlackRock Fund Advisors boosted its stake in Cadence Design Systems by 16.4% in the second quarter. BlackRock Fund Advisors now owns 12,744,431 shares of the company’s stock worth $309,690,000 after buying an additional 1,794,226 shares in the last quarter. Finally, State Street Corp boosted its stake in Cadence Design Systems by 18.7% in the second quarter. State Street Corp now owns 9,325,823 shares of the company’s stock worth $226,621,000 after buying an additional 1,469,338 shares in the last quarter. 85.97% of the stock is owned by hedge funds and other institutional investors.
CDNS has been the subject of a number of analyst reports. Royal Bank Of Canada assumed coverage on Cadence Design Systems in a research report on Monday, June 6th. They set an “outperform” rating and a $29.00 price target for the company. Needham & Company LLC lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, June 14th. They noted that the move was a valuation call. Bank of America Corp. restated a “buy” rating and issued a $30.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 26th. Finally, RBC Capital Markets restated an “outperform” rating and issued a $29.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 26th. Five equities research 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 an average 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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