SAN FRANCISCO Cadence Design Systems Inc., EDA's largest company, is now being traded exclusively on the Nasdaq National Market.
Cadence, which is now trading under the ticker symbol "CDNS," had until Monday (Oct. 31) traded on both the Nasdaq and the New York Stock Exchange. According to Nasdaq, Cadence is the first dual-listed company ever to move its listing solely to Nasdaq.
Bill Porter, Cadence senior vice president and chief financial officer, said in a statement that the company's experience with being traded on both exchanges gave Cadence an opportunity to compare the benefits of both marketplaces and determine that Nasdaq "is the preferred marketplace for many of the institutional investors trading Cadence shares."
Mike Fister, Cadence president and CEO, said, "Nasdaq has been a successful platform for many innovative, growing technology companies. We believe that our association with Nasdaq will afford us an opportunity to reinforce our position as a technology and market leader."
Cadence (San Jose, Calif.) reported its third quarter earnings last week, posting a 12 percent year-over-year increase of revenue up to $337 million with GAAP net income of $21 million.