Karna Nisewaner Sells 1,213 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 1,213 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $279.49, for a total value of $339,021.37. Following the transaction, the senior vice president now owns 17,617 shares in the company, valued at $4,923,775.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Monday, July 1st, Karna Nisewaner sold 600 shares of Cadence Design Systems stock. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00.
• 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 transaction of $172,386.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $284.56 on Thursday. The firm has a 50-day moving average of $291.42 and a two-hundred day moving average of $295.83. The company has a market capitalization of $77.52 billion, a price-to-earnings ratio of 74.10, a PEG ratio of 3.14 and a beta of 1.03. 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, Inc. has a twelve month low of $224.75 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its 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 business had revenue of $1.06 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 earnings per share. As a group, analysts expect that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Bank of America raised their target price on shares of 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 analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently modified their holdings of CDNS. Ulland Investment Advisors LLC purchased a new position in Cadence Design Systems in the 1st quarter worth about $25,000. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth about $26,000. ORG Partners LLC increased its position in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares in the last quarter. Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $32,000. Finally, Union Savings Bank purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $33,000. 84.85% of the stock is owned by institutional investors and hedge funds.

About Cadence Design Systems

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.