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 company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, April 1st, Karna Nisewaner sold 600 shares of Cadence Design Systems stock. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $281.63 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market capitalization of $76.64 billion, a PE ratio of 73.34, a P/E/G ratio of 3.25 and a beta of 1.06. Cadence Design Systems, Inc. has a 1-year low of $198.92 and a 1-year high of $327.36. The business’s fifty day moving average price is $302.46 and its two-hundred day moving average price is $281.91.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current year.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ulland Investment Advisors LLC acquired a new stake in Cadence Design Systems in the first quarter worth about $25,000. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth about $26,000. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the period. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $26,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CDNS shares. Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Piper Sandler decreased their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. 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, April 19th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $326.11.

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.