Cadence Design Systems Inc. (CDNS) CFO Sells $554,061.28 in Stock

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Cadence Design Systems Inc. (NASDAQ:CDNS) CFO Geoffrey G. Ribar sold 22,933 shares of the company's stock in a transaction on Monday, August 1st. The shares were sold at an average price of $24.16, for a total transaction of $554,061.28. Following the sale, the chief financial officer now directly owns 241,727 shares in the company, valued at approximately $5,840,124.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) traded up 1.13% during trading on Wednesday, reaching $24.22. 1,110,192 shares of the company traded hands. The firm's 50 day moving average is $24.71 and its 200-day moving average is $23.11. Cadence Design Systems Inc. has a 12-month low of $18.13 and a 12-month high of $26.24. The stock has a market capitalization of $7.08 billion and a P/E ratio of 28.70.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 25th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The business earned $453 million during the quarter, compared to analysts' expectations of $449.54 million. During the same quarter in the previous year, the business earned $0.27 EPS. Cadence Design Systems's revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems Inc. will post $1.20 earnings per share for the current fiscal year.

A number of brokerages have commented on CDNS. Topeka Capital Markets upped their price target on shares of Cadence Design Systems from $25.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, April 26th. Royal Bank Of Canada began coverage on shares of Cadence Design Systems in a research report on Monday, June 6th. They set an "outperform" rating and a $29.00 price target on the stock. Zacks Investment Research raised shares of Cadence Design Systems from a "sell" rating to a "hold" rating in a research report on Monday, April 25th. RBC Capital Markets reaffirmed an "outperform" rating and set a $29.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Finally, Bank of America Corp. reaffirmed a "buy" rating and set a $30.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Cadence Design Systems currently has a consensus rating of "Buy" and a consensus target price of $25.86.

Cadence Design Systems, Inc (Cadence) 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.

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