Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Sells 1,213 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 1,213 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total transaction of $339,021.37. Following the transaction, the senior vice president now owns 17,617 shares in the company, valued at $4,923,775.33. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• 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.
• 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

Cadence Design Systems stock traded up $0.96 during midday trading on Monday, reaching $281.96. 1,549,703 shares of the company’s stock were exchanged, compared to its average volume of 1,723,258. The stock’s 50-day simple moving average is $292.63 and its 200 day simple moving average is $296.08. The firm has a market cap of $76.81 billion, a price-to-earnings ratio of 72.47, a P/E/G ratio of 3.14 and a beta of 1.03. 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 52 week low of $221.66 and a 52 week high of $328.99.

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. Bank of America boosted their price objective 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. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at about $1,141,059,000. Swedbank AB bought a new position in Cadence Design Systems during the 1st quarter worth $439,988,000. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after acquiring an additional 1,119,824 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of 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 valued at $396,470,000 after acquiring an additional 468,195 shares during the period. Finally, Jennison Associates LLC lifted its position in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the period. Institutional investors own 84.85% of the company’s stock.

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.