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 business’s stock in a transaction dated Thursday, January 2nd. The shares were 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 in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Cadence Design Systems Trading Down 2.1 %

Shares of NASDAQ:CDNS opened at $301.67 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1 year low of $241.29 and a 1 year high of $328.99. The company has a market cap of $82.74 billion, a P/E ratio of 79.18, a PEG ratio of 4.19 and a beta of 1.04. The stock’s fifty day moving average price is $303.08 and its 200-day moving average price is $285.59.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results 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 net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the firm posted $1.01 EPS. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds have recently added to or reduced their stakes in CDNS. Larson Financial Group LLC grew its holdings in shares of Cadence Design Systems by 159.7% in the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after acquiring an additional 123 shares during the period. Private Advisor Group LLC grew its stake in shares of Cadence Design Systems by 42.4% during the 2nd quarter. Private Advisor Group LLC now owns 7,875 shares of the software maker’s stock valued at $2,424,000 after purchasing an additional 2,343 shares during the period. Savant Capital LLC increased its position in shares of 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 last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Cadence Design Systems by 2.8% in the second 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 last quarter. Finally, Cullen Frost Bankers Inc. grew its position in Cadence Design Systems by 32.4% during the second quarter. Cullen Frost Bankers Inc. now owns 1,986 shares of the software maker’s stock valued at $611,000 after buying an additional 486 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Robert W. Baird increased their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Finally, Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.