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SAN JOSE, CA—Teng Chin-Chi, Senior Vice President at Cadence Design Systems Inc (NASDAQ:CDNS), a company with an $80.76 billion market capitalization and impressive 87.79% gross profit margins according to InvestingPro, executed a series of stock transactions as reported in a recent SEC filing. On February 10, Chin-Chi sold a total of 12,760 shares, amounting to approximately $3.88 million. The sales were conducted at prices ranging from $301.68 to $304.79 per share.
Additionally, Chin-Chi exercised stock options to acquire 12,760 shares at $56.57 each, totaling $721,833. Following these transactions, Chin-Chi holds 93,387 shares directly. The transactions were carried out under a pre-established Rule 10b5-1 trading plan. With the company’s next earnings report due on February 18 and trading near its InvestingPro Fair Value, investors can access 13 additional ProTips and comprehensive analysis through InvestingPro’s detailed research report.
In other recent news, Cadence Design Systems has announced its definitive agreement to acquire Secure-IC, a provider of embedded security IP platforms. This acquisition aims to boost Cadence’s IP portfolio and address the growing need for integrated security in electronic systems across various industries. Secure-IC’s expertise will be integrated into Cadence’s offerings, providing robust security solutions for SoCs and chiplets used widely in several industries. The acquisition is expected to close in the first half of 2025, pending regulatory approval.
In analyst news, Redburn-Atlantic initiated coverage on Cadence Design Systems, assigning the stock a Buy rating. The firm’s analysis is based on several factors expected to drive the company’s performance in the electronic design automation market. KeyBanc Capital Markets also expressed a generally positive outlook for Cadence, suggesting a potential for revenue growth acceleration to mid-teens percentages. Loop Capital initiated coverage on Cadence as well, highlighting the growth potential in the semiconductor design sector, and set a price target of $360.
In other company developments, Cadence Design Systems recently announced the appointment of Moshe Gavrielov to its board of directors. Gavrielov’s extensive experience in the technology industry is expected to contribute to Cadence’s growth and enhance shareholder value.
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