Key Points
- CEO Anirudh Devgan sold 20,000 shares on December 5 at an average price of $340 for $6.8M, leaving him with 195,844 shares (a reported 9.27% decrease in his ownership); he also sold 5,550 shares on November 5 at $327.80.
- Cadence beat Q3 estimates, reporting $1.93 EPS vs. $1.79 expected and $1.34B revenue, and set FY2025 guidance of 7.020–7.080 EPS with Q4 guidance of 1.880–1.940 EPS.
- The stock trades with a market cap of about $91.2B and a P/E of 86.36, and analysts have a consensus rating of "Moderate Buy" with an average target near $379 and several firms pushing targets into the $405–$410 range.
Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the transaction, the chief executive officer directly owned 195,844 shares of the company's stock, valued at approximately $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Anirudh Devgan also recently made the following trade(s):
- On Wednesday, November 5th, Anirudh Devgan sold 5,550 shares of Cadence Design Systems stock. The shares were sold at an average price of $327.80, for a total value of $1,819,290.00.
Cadence Design Systems Trading Down 0.7%
NASDAQ:CDNS opened at $335.07 on Wednesday. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The stock has a fifty day moving average price of $327.91 and a two-hundred day moving average price of $330.14. The stock has a market capitalization of $91.21 billion, a price-to-earnings ratio of 86.36, a PEG ratio of 4.34 and a beta of 1.05.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.14. The business had revenue of $1.34 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.64 EPS. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. As a group, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.
Institutional Trading of Cadence Design Systems
A number of large investors have recently made changes to their positions in the stock. Brighton Jones LLC raised its stake in Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker's stock valued at $456,000 after purchasing an additional 676 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of Cadence Design Systems in the first quarter valued at approximately $108,000. Townsquare Capital LLC raised its position in shares of Cadence Design Systems by 15.8% in the first quarter. Townsquare Capital LLC now owns 5,867 shares of the software maker's stock valued at $1,492,000 after buying an additional 799 shares during the last quarter. Benjamin Edwards Inc. lifted its stake in shares of Cadence Design Systems by 9.3% during the first quarter. Benjamin Edwards Inc. now owns 23,523 shares of the software maker's stock valued at $5,983,000 after buying an additional 2,000 shares during the period. Finally, Nuveen LLC acquired a new stake in Cadence Design Systems during the first quarter worth approximately $289,744,000. 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. JPMorgan Chase & Co. lifted their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an "overweight" rating in a research report on Tuesday, October 28th. Wells Fargo & Company boosted their target price on Cadence Design Systems from $405.00 to $410.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 28th. Weiss Ratings restated a "hold (c+)" rating on shares of Cadence Design Systems in a research report on Monday. Wolfe Research reaffirmed an "outperform" rating and set a $385.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 28th. Finally, Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. Fifteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $379.11.
Read Our Latest Report on CDNS
About Cadence Design Systems
(
Get Free Report)
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.
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