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 Cadence Design Systems 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $4.28 during mid-day trading on Monday, reaching $308.14. 1,513,085 shares of the company’s stock were exchanged, compared to its average volume of 1,269,756. The business’s fifty day simple moving average is $301.62 and its two-hundred day simple moving average is $285.78. Cadence Design Systems, Inc. has a one year low of $241.29 and a one year high of $328.99. The firm has a market capitalization of $84.51 billion, a PE ratio of 80.88, a price-to-earnings-growth ratio of 4.19 and a beta of 1.04. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

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, topping analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. Analysts anticipate 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp raised its position in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Principal Financial Group Inc. raised its position in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Meridiem Investment Management Ltd. bought a new stake in Cadence Design Systems during the third quarter worth $129,285,000. Sumitomo Mitsui Trust Group Inc. increased 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 purchasing an additional 310,250 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Cadence Design Systems by 153.4% during the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock worth $144,953,000 after buying an additional 285,130 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on CDNS shares. Wells Fargo & Company started coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC reduced their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Finally, Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $327.92.

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.