DEVGAN ANIRUDH

Anirudh Devgan, President and CEO of Cadence Design Systems (CDNS), has been a consistent seller of company stock over the past year, with Form 4 filings showing a pronounced sell-side bias. Across 52 total transactions in two companies, he has recorded zero open-market purchases and approximately $130.75 million in total sales, all of which occurred in CDNS. The most recent cluster of activity in late May and early June 2026 shows large open-market sales of roughly $10.4 million on June 2, $20.5 million on June 1, and $19.2 million on May 22, each paired with option exercises (coded M) that supplied the shares. These sales follow a December 2025 disposition of $6.8 million and a series of smaller sales on November 5, 2025, ranging from roughly $43,000 to $618,000, indicating a steady, recurring pattern of monetization rather than a one-off event. The transaction mix also includes numerous non-discretionary items that do not reflect directional conviction. In March 2026, Devgan received multiple stock awards (coded A, valued at $0) and had shares withheld to cover taxes (coded F), including a $5.25 million withholding on March 18 and an $18.9 million withholding on March 16. These are automatic consequences of vesting, as are the smaller F-trades in late 2025. A single gift (coded G) of CDNS shares in October 2025 involved no cash. The only other company in his filings is Lam Research (LRCX), where a February 2026 award (coded A) was recorded at $0, suggesting a compensation grant rather than any market transaction. The data reveals a clear directional signal: Devgan has not bought a single share on the open market in the covered period, while selling over $130 million in CDNS stock, with the heaviest activity occurring in the most recent weeks. The recurring pairing of option exercises with immediate sales, combined with the absence of any purchase activity, points to a systematic liquidation of equity compensation. While the automatic F-trades and awards muddy the raw counts, the open-market S-trades dominate the dollar volume and establish the selling bias as the defining feature of his recent insider activity.