Cadence Design Systems Inc (NASDAQ:CDNS) was down 4.3% on Thursday following insider selling activity, MarketBeat.com reports. The company traded as low as $21.27 and last traded at $21.27, with a volume of 2,481,082 shares traded. The stock had previously closed at $22.22.
Specifically, VP Chi-Ping Hsu sold 121,250 shares of the stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $22.71, for a total transaction of $2,753,587.50. Following the completion of the sale, the vice president now owns 183,078 shares in the company, valued at approximately $4,157,701.38. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Lip Bu Tan sold 155,000 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $21.19, for a total value of $3,284,450.00. Following the sale, the chief executive officer now owns 187,498 shares of the company's stock, valued at approximately $3,973,082.62. The disclosure for this sale can be found here.
A number of brokerages have commented on CDNS. Piper Jaffray restated a "buy" rating and set a $26.00 target price (up previously from $22.00) on shares of Cadence Design Systems in a research report on Tuesday, October 27th. Zacks Investment Research raised Cadence Design Systems from a "hold" rating to a "strong-buy" rating and set a $26.00 price target for the company in a report on Friday, October 30th. Northland Securities lifted their target price on Cadence Design Systems from $25.00 to $27.50 and gave the company an "outperform" rating in a research note on Thursday, November 19th. RBC Capital lifted their price objective on Cadence Design Systems from $23.00 to $25.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 27th. Finally, Topeka Capital Markets lifted their target price on Cadence Design Systems from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, October 27th. Four equities resear ch analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of "Buy" and an average target price of $24.65.
The stock's 50 day moving average price is $22.05 and its 200-day moving average price is $20.76. The company has a market cap of $6.31 billion and a price-to-earnings ratio of 27.96.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 26th. The company reported $0.28 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.26 by $0.02. The business earned $434 million during the quarter, compared to the consensus estimate of $429.40 million. On average, analysts expect that Cadence Design Systems Inc will post $1.07 EPS for the current year.
Cadence Design Systems, Inc. (NASDAQ:CDNS) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company's SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP) verification IP (VIP) and design IP. The Company provides maintenance for its software, emulation hardware and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for ICs and development of custom IP. The company's customers include electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market segments, such as mobile and consumer devices, communications, cloud and data center infrastructure, medical systems and other devices.
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Source: Cadence Design Systems Inc (CDNS) Trading Down 4.3% Following Insider Selling
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