Anirudh Devgan Sells 5,645 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) CEO Anirudh Devgan sold 5,645 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 199,178 shares of the company’s stock, valued at $40,164,243.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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 Trading Down 0.5 %

CDNS opened at $206.88 on Friday. The business has a 50 day simple moving average of $187.86 and a two-hundred day simple moving average of $170.87. The firm 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 one year low of $132.32 and a one year high of $209.50.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its quarterly earnings results on Monday, February 13th. The software maker reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.04. The business had revenue of $899.88 million during the quarter, compared to analyst estimates of $884.23 million. Cadence Design Systems had a return on equity of 33.89% and a net margin of 23.83%. Cadence Design Systems’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 EPS. Analysts predict that Cadence Design Systems, Inc. will post 3.98 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNS. Rockefeller Capital Management L.P. raised its position in shares of Cadence Design Systems by 41.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,362 shares of the software maker’s stock worth $700,000 after acquiring an additional 1,287 shares in the last quarter. ST Germain D J Co. Inc. bought a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $32,000. Natixis raised its position in shares of Cadence Design Systems by 92.5% in the 4th quarter. Natixis now owns 55,508 shares of the software maker’s stock worth $8,917,000 after acquiring an additional 26,669 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of Cadence Design Systems by 14.4% in the 4th quarter. Macquarie Group Ltd. now owns 713,288 shares of the software maker’s stock worth $114,583,000 after acquiring an additional 89,598 shares in the last quarter. Finally, National Pension Service raised its position in shares of Cadence Design Systems by 2.2% in the 4th quarter. National Pension Service now owns 576,285 shares of the software maker’s stock worth $92,574,000 after acquiring an additional 12,422 shares in the last quarter. Institutional investors own 84.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Bank of America upped their price objective on Cadence Design Systems from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, February 14th. Robert W. Baird upped their price objective on Cadence Design Systems from $206.00 to $215.00 and gave the stock an “outperform” rating in a report on Tuesday, February 14th. Deutsche Bank Aktiengesellschaft upped their price objective on Cadence Design Systems from $200.00 to $222.00 and gave the stock a “buy” rating in a report on Wednesday, February 15th. KeyCorp upped their price objective on Cadence Design Systems from $215.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, February 14th. Finally, Wells Fargo & Company boosted 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. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus 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.