Paul Cunningham, Senior Vice President at Cadence Design (NASDAQ:CDNS) Systems Inc. (NASDAQ:CDNS), recently sold 650 shares of the company's common stock. The transaction, carried out on December 2, 2024, was executed under a pre-established Rule 10b5-1 trading plan. The sale comes as Cadence, now valued at $89.2 billion, trades near its 52-week high of $328.99. According to InvestingPro analysis, the stock appears to be trading above its Fair Value. Cunningham sold the shares at a price of $306.19 each, totaling approximately $199,023. Following this transaction, Cunningham retains ownership of 60,461 shares of Cadence Design Systems. The company has demonstrated impressive performance with a 23% return over the past year. For deeper insights into insider transactions and 16 additional ProTips, including valuation metrics and growth indicators, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Cadence Design Systems has been the focus of several noteworthy developments. Loop Capital initiated coverage on Cadence Design Systems, setting a new stock target of $360 and giving the company a Buy rating. The firm highlighted the company's growth potential in the semiconductor design sector, particularly in light of increased chip design activities in China and among system OEMs and hyperscalers.
Cadence Design Systems also reported a robust third quarter in 2024, with total revenue increasing by 19% year-over-year to reach $1.215 billion. This promising performance prompted the company to raise its full-year earnings per share (EPS) outlook. The Cadence.AI portfolio sales nearly tripled from the previous year, and the system design and analysis business saw over 40% revenue growth in Q3.
Looking forward, Cadence expects fourth-quarter revenue to be between $1.325 billion and $1.365 billion. The company has updated its 2024 revenue forecast to $4.61 billion to $4.65 billion, with GAAP EPS projected between $3.70 and $3.76. These recent developments underline Cadence Design Systems' active role in the semiconductor design process and its potential for continued growth.
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