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

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 600 shares of the business’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 owns 19,280 shares of the company’s stock, valued at $5,933,420. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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 Stock Up 1.9 %

Shares of Cadence Design Systems stock opened at $316.78 on Wednesday. The company has a fifty day moving average price of $295.02 and a 200 day moving average price of $294.24. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a twelve month low of $217.77 and a twelve month high of $328.99. The stock has a market cap of $86.30 billion, a price-to-earnings ratio of 82.49, a price-to-earnings-growth ratio of 3.77 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.02 earnings per share. Equities research analysts forecast that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Institutional Trading of Cadence Design Systems

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after purchasing an additional 437,101 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Norges Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $1,141,059,000. Nordea Investment Management AB lifted its stake 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 worth $636,172,000 after acquiring an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in 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 valued at $618,330,000 after purchasing an additional 402,884 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research note on Tuesday. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.