Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Sells $339,021.37 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 1,213 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the sale, 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 at this link.

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 value 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 value of $172,386.00.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $284.56 on Thursday. The stock’s 50-day moving average is $291.42 and its two-hundred day moving average is $295.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems, Inc. has a 1 year low of $224.75 and a 1 year high of $328.99. The firm has a market cap of $77.52 billion, a price-to-earnings ratio of 74.10, a PEG ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. Analysts predict that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on CDNS shares. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Robert W. Baird dropped 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 research report on Tuesday, July 23rd. KeyCorp lifted their price objective 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. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds have recently modified their holdings of the business. Cerity Partners LLC boosted its stake in Cadence Design Systems by 54.8% during the 4th quarter. Cerity Partners LLC now owns 5,515 shares of the software maker’s stock worth $1,502,000 after purchasing an additional 1,952 shares during the period. Calamos Advisors LLC raised its stake in Cadence Design Systems by 1,201.3% during the 4th quarter. Calamos Advisors LLC now owns 27,327 shares of the software maker’s stock valued at $7,443,000 after acquiring an additional 25,227 shares during the last quarter. Western Wealth Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $220,000. Lindbrook Capital LLC grew its stake in shares of Cadence Design Systems by 11.1% in the 4th quarter. Lindbrook Capital LLC now owns 2,049 shares of the software maker’s stock valued at $558,000 after purchasing an additional 205 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Cadence Design Systems by 18.5% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 6,806 shares of the software maker’s stock valued at $1,854,000 after purchasing an additional 1,064 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.