Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner Sells 600 Shares

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Karna Nisewaner also recently made the following trade(s):

• On Monday, June 3rd, Karna Nisewaner sold 600 shares of Cadence Design Systems stock. The shares were sold at an average price of $287.31, for a total value of $172,386.00.
• On Wednesday, May 1st, Karna Nisewaner sold 600 shares of Cadence Design Systems stock. The stock was sold at an average price of $275.36, for a total value of $165,216.00.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $5.86 during trading on Tuesday, reaching $316.78. 1,326,163 shares of the company’s stock traded hands, compared to its average volume of 1,558,725. The firm has a market cap of $86.30 billion, a PE ratio of 82.41, a P/E/G ratio of 3.77 and a beta of 1.03. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company has a 50-day simple moving average of $295.02 and a 200-day simple moving average of $294.24.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the business earned $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. As a group, analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares in the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares in the last quarter. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB lifted its position in shares of Cadence Design Systems by 7.7% in the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after acquiring an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 25.4% in the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock worth $618,330,000 after acquiring an additional 402,884 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research report on Tuesday. Bank of America lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Finally, KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $334.89.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.