Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) CEO Sells 5,645 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) CEO Anirudh Devgan sold 5,645 shares of the company’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $201.65, for a total value of $1,138,314.25. Following the completion of the sale, the chief executive officer now owns 199,178 shares in the company, valued at approximately $40,164,243.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• On Tuesday, February 28th, Anirudh Devgan sold 1,525 shares of Cadence Design Systems stock. The stock was sold at an average price of $193.26, for a total value of $294,721.50.
• On Thursday, February 23rd, Anirudh Devgan sold 3,147 shares of Cadence Design Systems stock. The stock was sold at an average price of $197.46, for a total value of $621,406.62.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $206.88 on Friday. The business’s fifty day moving average price is $187.86 and its 200-day moving average price is $170.87. The stock has a market capitalization of $56.47 billion, a price-to-earnings ratio of 66.95, a PEG ratio of 2.67 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.27 and a quick ratio of 1.17. Cadence Design Systems, Inc. has a 1-year low of $132.32 and a 1-year high of $209.50.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last announced its earnings results on Monday, February 13th. The software maker reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Cadence Design Systems had a return on equity of 33.89% and a net margin of 23.83%. The company had revenue of $899.88 million for the quarter, compared to analysts’ expectations of $884.23 million. During the same period last year, the firm earned $0.67 EPS. Cadence Design Systems’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, equities analysts predict that Cadence Design Systems, Inc. will post 3.98 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently bought and sold shares of the stock. SeaCrest Wealth Management LLC bought a new position in Cadence Design Systems in the 2nd quarter worth $29,000. ST Germain D J Co. Inc. bought a new position in Cadence Design Systems in the 4th quarter worth $32,000. American National Bank bought a new position in Cadence Design Systems in the 3rd quarter worth $33,000. Raleigh Capital Management Inc. raised its holdings in Cadence Design Systems by 108.3% in the 4th quarter. Raleigh Capital Management Inc. now owns 225 shares of the software maker’s stock worth $36,000 after purchasing an additional 117 shares during the period. Finally, Zions Bancorporation N.A. raised its holdings in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares during the period. 84.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on CDNS shares. Wells Fargo & Company increased their target price on Cadence Design Systems from $205.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, February 14th. Robert W. Baird increased their target price on Cadence Design Systems from $206.00 to $215.00 and gave the company an “outperform” rating in a research note on Tuesday, February 14th. StockNews.com started coverage on Cadence Design Systems in a research note on Thursday. They set a “buy” rating on the stock. Bank of America increased their target price on Cadence Design Systems from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. Finally, Rosenblatt Securities increased their target price on Cadence Design Systems from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $211.55.

About Cadence Design Systems

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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.