Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Sells $165,216.00 in Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The transaction was disclosed in a filing with the SEC, which is accessible 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 Trading Up 1.9 %

Shares of Cadence Design Systems stock opened at $281.63 on Monday. Cadence Design Systems, Inc. has a 52-week low of $198.92 and a 52-week high of $327.36. The firm has a market capitalization of $76.64 billion, a PE ratio of 73.34, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. 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 company’s fifty day moving average price is $302.02 and its two-hundred day moving average price is $282.59.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on CDNS shares. Robert W. Baird boosted their target price 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. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. 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 note on Tuesday, April 23rd. Stifel Nicolaus lifted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Finally, KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Nordea Investment Management AB raised its position in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the last quarter. Jennison Associates LLC lifted its position in Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the last quarter. 84.85% of the stock is currently 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.