Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Sells 5,920 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction 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 sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, January 6th, Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00.

Cadence Design Systems Stock Up 0.4 %

NASDAQ:CDNS opened at $302.73 on Thursday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock’s fifty day moving average is $303.33 and its two-hundred day moving average is $285.71. The stock has a market capitalization of $83.03 billion, a price-to-earnings ratio of 79.46, a price-to-earnings-growth ratio of 4.19 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 EPS. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of recent research reports. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Needham & Company LLC reduced their price objective on 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. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $327.92.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after purchasing an additional 310,250 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in Cadence Design Systems in the third quarter valued at $24,026,000. Teamwork Financial Advisors LLC lifted 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 buying an additional 2,136 shares during the last quarter. Jennison Associates LLC boosted 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 worth $2,061,502,000 after acquiring an additional 198,230 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its holdings in shares of Cadence Design Systems by 5.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock valued at $61,957,000 after acquiring an additional 11,568 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.