Cadence Design Systems (NASDAQ:CDNS) CEO Anirudh Devgan Sells 5,550 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Anirudh Devgan sold 5,550 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $327.80, for a total value of $1,819,290.00. Following the completion of the sale, the chief executive officer owned 195,844 shares of the company’s stock, valued at approximately $64,197,663.20. The trade was a 2.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Cadence Design Systems Trading Up 0.2%

Shares of CDNS traded up $0.60 during mid-day trading on Friday, reaching $325.05. The stock had a trading volume of 1,612,210 shares, compared to its average volume of 1,980,895. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $376.45. The firm has a market cap of $88.48 billion, a price-to-earnings ratio of 83.78, a P/E/G ratio of 4.55 and a beta of 1.00. The business’s fifty day moving average is $344.86 and its 200 day moving average is $327.44. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.67.

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

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Alliance LLC boosted its holdings in shares of Cadence Design Systems by 37.4% in the 3rd quarter. Wealth Alliance LLC now owns 893 shares of the software maker’s stock valued at $314,000 after buying an additional 243 shares in the last quarter. Fiera Capital Corp lifted its position in Cadence Design Systems by 56.9% in the third quarter. Fiera Capital Corp now owns 69,866 shares of the software maker’s stock valued at $24,541,000 after acquiring an additional 25,347 shares during the last quarter. King Luther Capital Management Corp lifted its position in Cadence Design Systems by 2.4% in the third quarter. King Luther Capital Management Corp now owns 122,316 shares of the software maker’s stock valued at $42,965,000 after acquiring an additional 2,868 shares during the last quarter. NewEdge Wealth LLC grew its holdings in shares of Cadence Design Systems by 30.3% during the third quarter. NewEdge Wealth LLC now owns 3,391 shares of the software maker’s stock worth $1,111,000 after purchasing an additional 788 shares during the last quarter. Finally, CenterBook Partners LP acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $893,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities boosted their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Mizuho boosted their target price on Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a research report on Tuesday, July 29th. KeyCorp restated an “overweight” rating and set a $405.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, Loop Capital increased their target price on Cadence Design Systems from $370.00 to $390.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Fourteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $376.00.

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.