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 business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,639,372.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

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

Cadence Design Systems Stock Up 1.9 %

CDNS stock opened at $281.63 on Monday. The stock has a market capitalization of $76.64 billion, a P/E ratio of 73.34, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $302.02 and a 200-day moving average price of $282.59. Cadence Design Systems, Inc. has a 12 month low of $198.92 and a 12 month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for 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% on a year-over-year basis. During the same quarter last year, the business posted $1.02 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadence Design Systems

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price 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.