Karna Nisewaner Sells 659 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, August 16th, Karna Nisewaner sold 1,213 shares of Cadence Design Systems stock. The stock was sold at an average price of $279.49, for a total value of $339,021.37.
• On Monday, July 1st, Karna Nisewaner sold 600 shares of Cadence Design Systems stock. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $5.10 on Wednesday, reaching $269.69. The stock had a trading volume of 1,423,498 shares, compared to its average volume of 1,722,133. The business’s 50 day moving average is $272.06 and its two-hundred day moving average is $291.01. The company has a market cap of $73.47 billion, a P/E ratio of 71.56, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 1 year low of $227.05 and a 1 year high of $328.99. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned $0.94 EPS. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems during the first quarter worth about $25,000. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the first quarter valued at approximately $26,000. ORG Partners LLC grew its stake in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems in the 1st quarter worth $32,000. Finally, Hollencrest Capital Management raised its position in shares of Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. KeyCorp increased their price target 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. Finally, Bank of America boosted 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. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $334.56.

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.