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 Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The sale was disclosed in a legal 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 shares were sold at an average price of $279.49, for a total transaction 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 Stock Performance

NASDAQ:CDNS opened at $280.35 on Friday. Cadence Design Systems, Inc. has a 1-year low of $227.05 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm has a 50 day simple moving average of $270.39 and a 200-day simple moving average of $290.78. The firm has a market cap of $76.37 billion, a PE ratio of 73.01, a P/E/G ratio of 3.19 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the business posted $0.94 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors have recently bought and sold shares of the business. KP Management LLC grew its stake in Cadence Design Systems by 11.1% during the second quarter. KP Management LLC now owns 20,000 shares of the software maker’s stock worth $6,155,000 after buying an additional 2,000 shares during the period. Sanctuary Advisors LLC purchased a new stake in Cadence Design Systems during the second quarter worth approximately $4,661,000. New Century Financial Group LLC grew its stake in Cadence Design Systems by 88.7% during the second quarter. New Century Financial Group LLC now owns 3,145 shares of the software maker’s stock worth $968,000 after buying an additional 1,478 shares during the period. Teachers Retirement System of The State of Kentucky grew its stake in Cadence Design Systems by 11.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 63,719 shares of the software maker’s stock worth $19,609,000 after buying an additional 6,554 shares during the period. Finally, Cetera Investment Advisers grew its stake in Cadence Design Systems by 7.7% during the second quarter. Cetera Investment Advisers now owns 53,659 shares of the software maker’s stock worth $16,513,000 after buying an additional 3,843 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on CDNS shares. Bank of America lifted their target price 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. Piper Sandler raised 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 report 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. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems presently has an average 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.