James D. Plummer Sells 2,412 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Free Report) Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now directly owns 22,923 shares of the company’s stock, valued at $7,229,914.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $5.94 on Thursday, reaching $322.80. 1,907,060 shares of the stock were exchanged, compared to its average volume of 1,562,148. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average price of $297.71 and a two-hundred day moving average price of $269.17. The firm has a market capitalization of $87.88 billion, a PE ratio of 84.50, a PEG ratio of 3.80 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the business posted $0.75 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. Finally, Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $311.33.

Get Our Latest Report on CDNS

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sivia Capital Partners LLC acquired a new position in Cadence Design Systems during the fourth quarter worth about $253,000. Vanguard Group Inc. grew its position in Cadence Design Systems by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after buying an additional 384,637 shares during the period. Wahed Invest LLC grew its position in Cadence Design Systems by 4.3% during the fourth quarter. Wahed Invest LLC now owns 4,564 shares of the software maker’s stock worth $1,243,000 after buying an additional 187 shares during the period. ICA Group Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $129,000. Finally, Objective Capital Management LLC grew its position in shares of Cadence Design Systems by 18.3% in the fourth quarter. Objective Capital Management LLC now owns 1,221 shares of the software maker’s stock valued at $333,000 after purchasing an additional 189 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

(Get Free Report)

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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Insider Buying and Selling by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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