Insider Selling: Cadence Design Systems (NASDAQ:CDNS) Director Sells $124,286.25 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Lewis Chew sold 375 shares of the firm’s stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $331.43, for a total value of $124,286.25. Following the sale, the director owned 8,756 shares in the company, valued at $2,902,001.08. This trade represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $10.31 on Friday, hitting $323.01. The company’s stock had a trading volume of 1,547,128 shares, compared to its average volume of 2,454,347. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36. Cadence Design Systems, Inc. has a 1 year low of $262.75 and a 1 year high of $416.69. The firm has a fifty day moving average price of $320.83 and a 200-day moving average price of $327.76. The company has a market capitalization of $88.63 billion, a price-to-earnings ratio of 64.22, a price-to-earnings-growth ratio of 3.16 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. Cadence Design Systems’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.93 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 6.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CDNS. Benchmark reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Weiss Ratings lowered Cadence Design Systems from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $420.00 to $440.00 and gave the company an “outperform” rating in a research note on Tuesday, October 27th. Piper Sandler lifted their price target on shares of Cadence Design Systems from $325.00 to $349.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $410.05.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CDNS. Bryn Mawr Trust Advisors LLC increased its holdings in shares of Cadence Design Systems by 3.2% during the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 1,015 shares of the software maker’s stock valued at $335,000 after acquiring an additional 31 shares during the last quarter. 71 West Capital Partners raised its stake in shares of Cadence Design Systems by 1.2% in the 3rd quarter. 71 West Capital Partners now owns 2,612 shares of the software maker’s stock valued at $862,000 after acquiring an additional 31 shares in the last quarter. Cornerstone Planning Group LLC lifted its holdings in Cadence Design Systems by 32.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock worth $37,000 after purchasing an additional 32 shares during the last quarter. KCM Investment Advisors LLC lifted its holdings in Cadence Design Systems by 0.4% in the 1st quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker’s stock worth $2,227,000 after purchasing an additional 32 shares during the last quarter. Finally, Heritage Family Offices LLP lifted its holdings in Cadence Design Systems by 5.3% in the 3rd quarter. Heritage Family Offices LLP now owns 636 shares of the software maker’s stock worth $210,000 after purchasing an additional 32 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc. develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards. The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.