Insider Selling: Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Sells 600 Shares of Stock

Cadence Design Systems, Inc. (NASDAQ:CDNS) SVP Karna Nisewaner sold 600 shares of the firm’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 completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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 Trading Up 1.9 %

Cadence Design Systems stock traded up $5.19 during trading hours on Friday, hitting $281.63. The stock had a trading volume of 1,370,933 shares, compared to its average volume of 1,582,704. The business’s 50 day simple moving average is $302.46 and its 200-day simple moving average is $281.91. Cadence Design Systems, Inc. has a one year low of $198.92 and a one year high of $327.36. The stock has a market cap of $76.64 billion, a price-to-earnings ratio of 73.34, a P/E/G ratio of 3.23 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

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

Institutional Trading of Cadence Design Systems

Several hedge funds have recently bought and sold shares of the stock. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems during the 3rd quarter valued at about $26,000. Valley National Advisers Inc. boosted its holdings 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 worth $26,000 after buying an additional 47 shares during the last quarter. RiverPark Advisors LLC acquired a new stake in Cadence Design Systems in the 1st quarter worth about $26,000. Finally, Fortitude Family Office LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $28,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. 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. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average 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.