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SAN JOSE, CA—Anirudh Devgan, President and CEO of Cadence Design (NASDAQ:CDNS) Systems Inc. (NASDAQ:CDNS), a company currently valued at $84.55 billion and trading near its 52-week high, reported selling a significant portion of the company's stock on January 2, 2025. According to the SEC filing, Devgan sold a total of 5,920 shares of common stock. The transactions were executed at prices ranging from $302.42 to $305.73 per share, amounting to a total value of approximately $1.8 million. InvestingPro analysis suggests the stock is currently trading above its Fair Value.
Following these sales, Devgan retains ownership of 55,874 shares of Cadence Design Systems, which maintains impressive gross profit margins of 87.79%. The transactions were conducted under a pre-established Rule 10b5-1 trading plan, which was adopted on September 6, 2024. This plan allows company insiders to set up a predetermined schedule for buying or selling stock, helping them avoid potential accusations of insider trading. For deeper insights into CDNS's valuation and 14 additional ProTips, visit InvestingPro, where you'll find comprehensive Pro Research Reports covering 1,400+ top stocks.
In other recent news, Cadence Design Systems has seen a series of significant developments. The company reported a notable 19% increase in total revenue for the third quarter of 2024, reaching $1.215 billion, largely driven by its AI-driven solutions and design enablement offerings. Analyst firm Loop Capital initiated coverage on Cadence Design Systems, setting a new price target of $360 and issuing a Buy rating, highlighting the potential growth in the semiconductor design sector.
Furthermore, Cadence Design Systems has updated its full-year earnings per share (EPS) outlook and expects fourth-quarter revenue to be between $1.325 billion and $1.365 billion. The company also revised its 2024 revenue forecast to $4.61 billion to $4.65 billion, with GAAP EPS projected between $3.70 and $3.76.
In addition to financial updates, Cadence Design Systems has announced the appointment of Moshe Gavrielov to its board of directors, effective January 1, 2025. Gavrielov brings extensive experience from his current roles on the boards of NXP Semiconductors (NASDAQ:NXPI) N.V. and Taiwan Semiconductor Manufacturing Company Ltd. These recent developments underline Cadence Design's strong market position and potential for further growth.
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