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 firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the transaction, the senior vice president now owns 17,617 shares of the company’s stock, valued at $4,923,775.33. The sale was disclosed in a document filed with the SEC, which is available through 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 stock was 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 stock was sold at an average price of $287.31, for a total transaction of $172,386.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $0.96 during trading on Monday, hitting $281.96. 1,549,703 shares of the company were exchanged, compared to its average volume of 1,723,258. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $221.66 and a 1 year high of $328.99. The company has a market cap of $76.81 billion, a price-to-earnings ratio of 72.47, a PEG ratio of 3.14 and a beta of 1.03. The firm’s fifty day moving average price is $292.63 and its 200 day moving average price is $296.08.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CDNS. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Bank of America upped their target price 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. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average 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 bought and sold shares of CDNS. Cerity Partners LLC grew its holdings in shares of 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 boosted its position 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 worth $7,443,000 after purchasing an additional 25,227 shares during the period. Western Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at $220,000. Lindbrook Capital LLC lifted its stake in shares of Cadence Design Systems by 11.1% during the fourth quarter. Lindbrook Capital LLC now owns 2,049 shares of the software maker’s stock worth $558,000 after purchasing an additional 205 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Cadence Design Systems by 18.5% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 6,806 shares of the software maker’s stock valued at $1,854,000 after buying an additional 1,064 shares in the last quarter. Hedge funds and other 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.