Insider Selling: 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 stock was 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 of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing 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 stock was sold at an average price of $304.04, for a total value of $1,799,916.80.

Cadence Design Systems Price Performance

CDNS stock opened at $299.00 on Friday. The business’s fifty day moving average price is $304.20 and its 200 day moving average price is $285.76. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a market capitalization of $82.00 billion, a PE ratio of 78.48, a P/E/G ratio of 4.16 and a beta of 1.03. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted 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 net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm posted $1.01 earnings per share. The business’s revenue for the quarter 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 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CDNS. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Oppenheimer assumed 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 on the stock. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Mizuho upped their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $327.92.

Institutional Trading of Cadence Design Systems

Several hedge funds have recently modified their holdings of CDNS. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares during the period. Caisse DE Depot ET Placement DU Quebec purchased a new position in Cadence Design Systems in the third quarter worth approximately $24,026,000. Teamwork Financial Advisors LLC grew its holdings in Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after acquiring an additional 2,136 shares in the last quarter. Jennison Associates LLC increased its position in shares of Cadence Design Systems by 2.7% in 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 purchasing an additional 198,230 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its position in shares of Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after purchasing an additional 11,568 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.