Thomas P. Beckley Sells 43,469 Shares of Cadence Design Systems, Inc. (CDNS) Stock
Cadence Design Systems, Inc. (NASDAQ:CDNS) insider Thomas P. Beckley sold 43,469 shares of Cadence Design Systems stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $44.09, for a total transaction of $1,916,548.21. Following the transaction, the insider now owns 225,863 shares in the company, valued at approximately $9,958,299.67. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Cadence Design Systems, Inc. (CDNS) opened at $44.77 on Wednesday. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $44.83. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. The company has a market cap of $12,613.02, a price-to-earnings ratio of 48.03, a price-to-earnings-growth ratio of 3.52 and a beta of 0.94.
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, topping analysts’ consensus estimates of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The firm had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. During the same quarter in the previous year, the business posted $0.30 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. equities analysts expect that Cadence Design Systems, Inc. will post 1.06 earnings per share for the current fiscal year.
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Hedge funds have recently modified their holdings of the business. Creative Planning lifted its holdings in Cadence Design Systems by 242.2% in the 2nd quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after buying an additional 2,323 shares in the last quarter. Commonwealth Bank of Australia lifted its holdings in Cadence Design Systems by 36.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after buying an additional 1,300 shares in the last quarter. Advisor Group Inc. lifted its holdings in Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after buying an additional 2,505 shares in the last quarter. Dupont Capital Management Corp acquired a new position in Cadence Design Systems in the 3rd quarter worth $170,000. Finally, Parkwood LLC acquired a new position in Cadence Design Systems in the 3rd quarter worth $201,000. Hedge funds and other institutional investors own 84.15% of the company’s stock.
Several research firms recently weighed in on CDNS. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Wednesday, November 1st. Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada restated a “buy” rating and set a $46.00 target price on shares of Cadence Design Systems in a report on Friday, October 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $40.60.
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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