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 the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Cadence Design Systems Stock Up 1.4 %

Shares of NASDAQ CDNS traded up $4.28 during trading on Monday, hitting $308.14. 1,513,085 shares of the company traded hands, compared to its average volume of 1,269,756. The business’s fifty day moving average is $301.62 and its 200 day moving average is $285.78. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two 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. The firm has a market capitalization of $84.51 billion, a price-to-earnings ratio of 80.88, a P/E/G ratio of 4.19 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping 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 company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems in the third quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the 3rd quarter valued at $28,000. Versant Capital Management Inc boosted its holdings in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC raised its holdings in shares of Cadence Design Systems by 56.6% in the third 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, Larson Financial Group LLC lifted its position in shares of Cadence Design Systems by 159.7% during the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Needham & Company LLC decreased their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.