Anirudh Devgan Sells 15,971 Shares of Cadence Design Systems Inc (NASDAQ:CDNS) Stock

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Cadence Design Systems Inc (NASDAQ:CDNS) President Anirudh Devgan sold 15,971 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $72.99, for a total value of $1,165,723.29. Following the completion of the sale, the president now owns 410,610 shares of the company’s stock, valued at $29,970,423.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Shares of NASDAQ CDNS opened at $74.80 on Thursday. The company has a quick ratio of 1.59, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $70.27 and its two-hundred day moving average is $69.07. The company has a market cap of $20.93 billion, a P/E ratio of 49.08, a P/E/G ratio of 4.42 and a beta of 1.15. Cadence Design Systems Inc has a 12 month low of $45.17 and a 12 month high of $77.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 21st. The software maker reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. The company had revenue of $579.60 million for the quarter, compared to the consensus estimate of $576.33 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 EPS. Sell-side analysts expect that Cadence Design Systems Inc will post 1.51 earnings per share for the current fiscal year.

CDNS has been the subject of several analyst reports. Wells Fargo & Co upgraded Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 target price for the company in a report on Friday, October 11th. ValuEngine lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating and set a $74.00 target price for the company. in a report on Tuesday, December 24th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $75.00 price target (up from $70.00) on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $75.75.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Shine Investment Advisory Services Inc. increased its position in Cadence Design Systems by 50.5% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock worth $30,000 after buying an additional 152 shares during the period. Wetherby Asset Management Inc. increased its position in shares of Cadence Design Systems by 2.3% during the third quarter. Wetherby Asset Management Inc. now owns 6,886 shares of the software maker’s stock valued at $455,000 after purchasing an additional 157 shares during the period. Shilanski & Associates Inc. increased its position in shares of Cadence Design Systems by 1.6% during the third quarter. Shilanski & Associates Inc. now owns 10,969 shares of the software maker’s stock valued at $725,000 after purchasing an additional 174 shares during the period. Tocqueville Asset Management L.P. increased its position in shares of Cadence Design Systems by 1.6% during the third quarter. Tocqueville Asset Management L.P. now owns 11,396 shares of the software maker’s stock valued at $753,000 after purchasing an additional 177 shares during the period. Finally, Empowered Funds LLC increased its position in shares of Cadence Design Systems by 1.0% during the third quarter. Empowered Funds LLC now owns 17,961 shares of the software maker’s stock valued at $1,187,000 after purchasing an additional 183 shares during the period. 85.71% of the stock is currently owned by institutional investors.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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