Cadence Design Systems Inc (NASDAQ:CDNS)’s share price traded down 5.9% on Monday following insider selling activity. The stock traded as low as $64.38 and last traded at $64.62. 3,177,085 shares changed hands during trading, an increase of 58% from the average session volume of 2,010,321 shares. The stock had previously closed at $68.66.

Specifically, CFO John M. Wall sold 3,000 shares of the firm’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $67.25, for a total value of $201,750.00. Following the transaction, the chief financial officer now directly owns 209,576 shares in the company, valued at approximately $14,093,986. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lip Bu Tan sold 40,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $68.72, for a total transaction of $2,748,800.00. Following the completion of the transaction, the chief executive officer now owns 899,852 shares in the company, valued at $61,837,829.44. The disclosure for this sale can be found here. Insiders sold a total of 262,019 shares of company stock worth $16,513,628 over the last quarter. 2.34% of the stock is currently owned by company insiders.

A number of research analysts recently issued reports on the stock. Wells Fargo & Co assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, May 14th. They issued a “market perform” rating on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Credit Suisse Group raised their target price on shares of Cadence Design Systems from $46.00 to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Royal Bank of Canada increased their price target on shares of Cadence Design Systems to $73.00 and gave the company an “outperform” rating in a report on Tuesday, April 23rd. Finally, Needham & Company LLC increased their price target on shares of Cadence Design Systems to $71.00 and gave the company a “positive” rating in a report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the company’s stock. Cadence Design Systems has a consensus rating of “Buy” and a consensus price target of $59.44.

The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.45. The firm has a market cap of $19.30 billion, a price-to-earnings ratio of 52.54, a price-to-earnings-growth ratio of 3.91 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. Cadence Design Systems had a net margin of 17.91% and a return on equity of 30.86%. The firm had revenue of $577.00 million during the quarter, compared to the consensus estimate of $569.34 million. During the same period in the prior year, the firm earned $0.40 EPS. The business’s revenue was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Cadence Design Systems Inc will post 1.46 EPS for the current year.

Institutional investors have recently modified their holdings of the business. Holderness Investments Co. bought a new position in shares of Cadence Design Systems during the 1st quarter worth about $216,000. Horizon Investments LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth about $258,000. FMR LLC lifted its holdings in shares of Cadence Design Systems by 59.0% during the 1st quarter. FMR LLC now owns 1,653,160 shares of the software maker’s stock worth $104,992,000 after acquiring an additional 613,581 shares during the period. BlueMountain Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 1.6% during the 1st quarter. BlueMountain Capital Management LLC now owns 135,078 shares of the software maker’s stock worth $8,579,000 after acquiring an additional 2,081 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in shares of Cadence Design Systems by 0.9% during the 1st quarter. HighTower Advisors LLC now owns 146,868 shares of the software maker’s stock worth $9,326,000 after acquiring an additional 1,359 shares during the period. 86.94% of the stock is owned by hedge funds and other institutional investors.

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About Cadence Design Systems (NASDAQ:CDNS)

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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