Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan Sells 93,151 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $17,320,940. The trade was a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Anirudh Devgan also recently made the following trade(s):

• On Thursday, January 2nd, Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $302.73 on Thursday. The business’s 50-day moving average is $303.33 and its 200 day moving average is $285.71. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a market capitalization of $83.03 billion, a P/E ratio of 79.46, a P/E/G ratio of 4.19 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the prior year, the firm earned $1.01 EPS. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CDNS shares. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $327.92.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $28,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the period. Prestige Wealth Management Group LLC increased its position in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in Cadence Design Systems by 30.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.