Vincentelli Albert Sangiovanni Sells 1,500 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Vincentelli Albert Sangiovanni also recently made the following trade(s):

• On Thursday, August 15th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $276.24, for a total value of $414,360.00.
• On Monday, July 15th, Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $273.76 on Friday. The company has a 50 day moving average of $269.55 and a 200-day moving average of $290.36. The company has a market cap of $74.58 billion, a PE ratio of 71.29, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 earnings per share. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Institutional Trading of Cadence Design Systems

A number of hedge funds have recently added to or reduced their stakes in CDNS. KP Management LLC increased its holdings in shares of Cadence Design Systems by 11.1% during the second quarter. KP Management LLC now owns 20,000 shares of the software maker’s stock worth $6,155,000 after buying an additional 2,000 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Cadence Design Systems in the 2nd quarter worth about $4,661,000. New Century Financial Group LLC raised its position in Cadence Design Systems by 88.7% in the second quarter. New Century Financial Group LLC now owns 3,145 shares of the software maker’s stock valued at $968,000 after purchasing an additional 1,478 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Cadence Design Systems by 11.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 63,719 shares of the software maker’s stock valued at $19,609,000 after purchasing an additional 6,554 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Cadence Design Systems by 7.7% during the second quarter. Cetera Investment Advisers now owns 53,659 shares of the software maker’s stock worth $16,513,000 after purchasing an additional 3,843 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on CDNS shares. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Bank of America increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Company Profile

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.