John M. Wall, the Senior Vice President and Chief Financial Officer of Cadence Design (NASDAQ:CDNS) Systems Inc. (NASDAQ:CDNS), a company currently valued at $83.2 billion, has recently executed a significant stock transaction. According to a filing with the Securities and Exchange Commission, Wall sold 4,224 shares of Cadence Design Systems common stock on December 18, 2024. The shares were sold at an average price of $309.03, resulting in a total transaction value of approximately $1.3 million. Based on InvestingPro analysis, the stock is currently trading above its Fair Value, with the company maintaining a GOOD financial health score.
This sale was conducted under a pre-established Rule 10b5-1 trading plan, which Wall adopted earlier in the year on February 21, 2023. Following this transaction, Wall holds 29,248 shares of the company.
Additionally, on December 16, 2024, Wall had 2,381 shares withheld to cover tax obligations related to the vesting of a restricted stock award. These shares were valued at $313.49 each, totaling $746,419.
In other recent news, Cadence Design Systems has reported significant financial developments. The company announced a 19% increase in total revenue for the third quarter of 2024, reaching $1.215 billion, driven largely by its AI-driven solutions and design enablement offerings. Cadence Design also 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's 2024 revenue forecast has been adjusted to $4.61 billion to $4.65 billion, with GAAP EPS projected between $3.70 and $3.76.
Loop Capital has initiated coverage on Cadence Design Systems, setting a new price target of $360 and giving the company a Buy rating. The firm highlighted the growth potential in the semiconductor design sector and the strategic value of investing in Cadence Design.
In addition to these financial updates, Cadence Design Systems has welcomed 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., as well as his chairmanship at Foretellix and SiMa.ai. These recent developments underscore Cadence Design's robust position in the market and its potential for further growth.
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