Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Sells $28,876,810.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

Shares of CDNS stock opened at $302.73 on Friday. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $303.86 and its 200-day moving average is $285.83. The firm has a market capitalization of $83.03 billion, a price-to-earnings ratio of 79.46, a PEG ratio of 4.19 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 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 analyst estimates of $1.18 billion. During the same period last year, the company earned $1.01 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Finally, Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $327.92.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares during the last quarter. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 2.7% during the 3rd 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Cadence Design Systems by 0.9% in the 3rd 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 valued at $1,081,098,000 after purchasing an additional 37,452 shares during the period. Nordea Investment Management AB boosted its position in shares of Cadence Design Systems by 6.5% in the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker’s stock worth $885,356,000 after purchasing an additional 178,212 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after purchasing an additional 572,251 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.