Cadence Design Systems, Inc. (NASDAQ:CDNS) CFO John M. Wall sells 10,000 shares

VaselineAugust 31, 2024

0 3 minutes read

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Your Free Report ) CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC’s website.

Cadence Design Systems Trading Up 1.2%

Shares of CDNS stock opened at $268.93 on Friday. Cadence Design Systems, Inc. it has a 52-week low of $227.05 and a 52-week high of $328.99. The stock has a market cap of $73.26 billion, a PE ratio of 70.03, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The company’s fifty day moving average is $284.47 and its two hundred day moving average is $294.25. The company has a quick ratio of 1.32, a current ratio of 1.43, and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report ) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. In the same period last year, the company posted earnings of $0.94 per share. Research analysts estimate that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Institutional investors weigh in on Cadence Design Systems

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A number of large investors have recently made changes to their positions in CDNS. Gilbert & Cook Inc. raised its holdings in Cadence Design Systems by 8.3% in the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock valued at $986,000 after buying an additional 278 shares during the last quarter. Kestra Private Wealth Services LLC grew its position in Cadence Design Systems by 29.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 11,867 shares of the software maker’s stock worth $3,232,000 after acquiring an additional 2,721 shares during the last quarter. Norden Group LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $206,000. Certuity LLC purchased a new position in Cadence Design Systems in the fourth quarter valued at about $667,000. Finally, Mission Wealth Management LP boosted its holdings in Cadence Design Systems by 1.4% in the fourth quarter. Mission Wealth Management LP now owns 6,588 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 91 shares in the last quarter. 84.85% of the shares are currently held by hedge funds and other institutional investors.

The Wall Street analyst weighs in

CDNS has been the subject of several recent analyst reports. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Bank of America boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday. July 23. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Moderate Buy” and an average price target of $334.56, based on data from MarketBeat.

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Cadence Design Systems Company Profile

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Cadence Design Systems, Inc provides software, hardware, services and reusable integrated circuit (IC) design blocks worldwide. The company provides functional verification services, including hardware emulation and prototyping. 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.