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

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a 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 Trading Up 0.4 %

Shares of NASDAQ:CDNS traded up $1.06 during trading on Wednesday, reaching $302.73. 1,116,299 shares of the stock were exchanged, compared to its average volume of 1,262,419. The firm’s 50-day moving average price is $303.08 and its 200 day moving average price is $285.59. The firm has a market cap of $83.03 billion, a price-to-earnings ratio of 79.46, a price-to-earnings-growth ratio of 4.19 and a beta of 1.04. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating 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 company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company posted $1.01 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Institutional Trading of Cadence Design Systems

Several large investors have recently bought and sold shares of CDNS. State Street Corp grew its holdings in Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after purchasing an additional 60,490 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 2.7% during the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after acquiring an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Cadence Design Systems by 0.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock worth $1,081,098,000 after acquiring an additional 37,452 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Cadence Design Systems by 6.5% in the fourth quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock valued at $885,356,000 after purchasing an additional 178,212 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of several research reports. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. 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 target price for the company. Mizuho raised their price target 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. Finally, Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $327.92.

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.