Cadence Design Systems (NASDAQ:CDNS) CEO Anirudh Devgan Sells 20,000 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares in the company, valued at $66,586,960. This trade represents a 9.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Wednesday, November 5th, Anirudh Devgan sold 5,550 shares of Cadence Design Systems stock. The stock was sold at an average price of $327.80, for a total value of $1,819,290.00.

Cadence Design Systems Trading Down 0.7%

CDNS opened at $335.07 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $376.45. The company has a market cap of $91.21 billion, a P/E ratio of 86.36, a PEG ratio of 4.34 and a beta of 1.05. The business’s 50-day simple moving average is $327.91 and its 200-day simple moving average is $330.14.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.14. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The firm’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.64 earnings per share. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Y.D. More Investments Ltd acquired a new stake in Cadence Design Systems during the 3rd quarter worth approximately $26,000. Saudi Central Bank acquired a new stake in shares of Cadence Design Systems during the first quarter worth $27,000. Caitlin John LLC purchased a new position in Cadence Design Systems in the 3rd quarter valued at $29,000. Barrett & Company Inc. acquired a new position in Cadence Design Systems in the 2nd quarter valued at $31,000. Finally, Imprint Wealth LLC purchased a new position in Cadence Design Systems during the 3rd quarter worth $31,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CDNS. Citigroup started coverage on shares of Cadence Design Systems in a research report on Monday, November 24th. They issued a “buy” rating and a $385.00 target price on the stock. Wall Street Zen downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Robert W. Baird lifted their target price on Cadence Design Systems from $390.00 to $418.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 28th. Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a report on Monday, December 1st. Finally, Wolfe Research restated an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Fifteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $379.11.

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.