Anirudh Devgan Sells 5,920 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Cadence Design Systems Price Performance

CDNS stock opened at $301.67 on Wednesday. The firm has a market cap of $82.74 billion, a P/E ratio of 79.18, a P/E/G ratio of 4.19 and a beta of 1.04. The firm’s fifty day moving average is $303.08 and its 200 day moving average is $285.59. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week 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 announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. Research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Institutional Trading of Cadence Design Systems

Institutional investors have recently made changes to their positions in the stock. Larson Financial Group LLC boosted its position in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after buying an additional 123 shares during the period. Private Advisor Group LLC grew its stake in shares of Cadence Design Systems by 42.4% in the second quarter. Private Advisor Group LLC now owns 7,875 shares of the software maker’s stock worth $2,424,000 after purchasing an additional 2,343 shares during the last quarter. Savant Capital LLC increased its holdings in Cadence Design Systems by 10.1% during the 2nd quarter. Savant Capital LLC now owns 2,663 shares of the software maker’s stock valued at $820,000 after purchasing an additional 244 shares during the period. Lake Street Advisors Group LLC lifted its holdings in Cadence Design Systems by 2.8% in the 2nd quarter. Lake Street Advisors Group LLC now owns 2,274 shares of the software maker’s stock worth $700,000 after buying an additional 62 shares during the period. Finally, Cullen Frost Bankers Inc. grew its position in shares of Cadence Design Systems by 32.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,986 shares of the software maker’s stock worth $611,000 after buying an additional 486 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CDNS shares. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Wells Fargo & Company began 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. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $327.92.

About Cadence Design Systems

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.