Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Sells 650 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Paul Cunningham also recently made the following trade(s):

• On Thursday, January 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The shares were sold at an average price of $304.84, for a total value of $198,146.00.
• On Monday, December 2nd, Paul Cunningham sold 650 shares of Cadence Design Systems stock. The stock was sold at an average price of $306.19, for a total value of $199,023.50.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $2.98 during trading hours on Wednesday, reaching $302.65. The company had a trading volume of 988,198 shares, compared to its average volume of 1,545,873. The firm has a market cap of $83.00 billion, a price-to-earnings ratio of 79.44, a PEG ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average price is $304.81 and its 200-day moving average price is $284.68.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Redburn Atlantic initiated coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, January 29th. Needham & Company LLC reduced their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Finally, Mizuho raised their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Avior Wealth Management LLC raised its position in Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after acquiring an additional 36 shares during the period. Dudley Capital Management LLC raised its stake in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after buying an additional 39 shares during the period. Trust Point Inc. grew its stake in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after acquiring an additional 40 shares during the period. Falcon Wealth Planning lifted its holdings in Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after purchasing an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its stake in shares of Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

About Cadence Design Systems

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.