Karna Nisewaner Sells 600 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Free Report) SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Cadence Design Systems Stock Up 1.4 %

Shares of Cadence Design Systems stock opened at $310.58 on Thursday. The business’s fifty day moving average price is $303.93 and its two-hundred day moving average price is $274.01. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The company has a market capitalization of $84.55 billion, a P/E ratio of 81.30, a PEG ratio of 3.80 and a beta of 1.04. Cadence Design Systems, Inc. has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the business earned $0.75 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.81 EPS for the current year.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. Harbour Investments Inc. raised its stake in shares of Cadence Design Systems by 66.1% in the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after buying an additional 39 shares in the last quarter. Valley National Advisers Inc. raised its stake in shares of 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 in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth $28,000. Quarry LP raised its stake in shares of Cadence Design Systems by 550.0% in the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after buying an additional 88 shares in the last quarter. Finally, VisionPoint Advisory Group LLC bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth $27,000. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their price target for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. Finally, KeyCorp raised their price target on Cadence Design Systems from $325.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $311.33.

Read Our Latest Stock Analysis on Cadence Design Systems

Cadence Design Systems Company Profile

(Get Free Report)

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.

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