Paul Cunningham, the Senior Vice President of Cadence Design (NASDAQ:CDNS) Systems Inc. (NASDAQ:CDNS), recently sold 650 shares of the company's common stock. The shares were sold at an average price of $304.84 each, amounting to a total transaction value of $198,145. The transaction occurs as Cadence, currently valued at $84.5 billion, trades near its 52-week high of $328.99. According to InvestingPro analysis, the company maintains impressive gross profit margins of 87.8%. Following this sale, Cunningham retains ownership of 59,311 shares in the company. The transaction was executed under a Rule 10b5-1 trading plan that Cunningham adopted on March 12, 2024. InvestingPro subscribers can access comprehensive insider trading analysis, along with 14 additional ProTips and detailed financial metrics in the Pro Research Report, helping investors make more informed decisions about CDNS stock.
In other recent news, Cadence Design Systems reported robust financial results with a significant 19% increase in total revenue for the third quarter of 2024, reaching $1.215 billion. This growth was primarily driven by the company's AI-driven solutions and design enablement offerings. Cadence Design 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 has also updated 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 the financial results, Cadence Design Systems has added Moshe Gavrielov to its board of directors. Gavrielov brings a wealth of experience from his current roles on the boards of NXP Semiconductors (NASDAQ:NXPI) N.V. and Taiwan Semiconductor Manufacturing Company Ltd. Cadence Design's intellectual property business also experienced significant growth, with over a 50% year-over-year revenue increase.
Loop Capital initiated coverage on Cadence Design Systems, setting a new price target of $360 with a Buy rating. The firm's analysis highlighted the growth potential in the semiconductor design sector and the strategic value of investing in Cadence Design. These recent developments underline Cadence Design's strong position in the market and its potential for further growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.