Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC cut its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,867 shares of the software maker’s stock after selling 4,581 shares during the period. Nisa Investment Advisors LLC’s holdings in Cadence Design Systems were worth $19,040,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CDNS. Parkside Financial Bank & Trust increased its position in Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after acquiring an additional 38 shares during the period. Fiduciary Trust Co boosted its position in Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after acquiring an additional 39 shares during the period. Capital Market Strategies LLC grew its stake in shares of Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after purchasing an additional 39 shares in the last quarter. GraniteShares Advisors LLC increased its holdings in shares of Cadence Design Systems by 1.2% during the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock valued at $1,080,000 after purchasing an additional 40 shares during the period. Finally, Inspire Advisors LLC raised its stake in shares of Cadence Design Systems by 1.8% during the first quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $281.96 on Tuesday. Cadence Design Systems, Inc. has a 1 year low of $221.66 and a 1 year high of $328.99. The business’s fifty day moving average is $292.35 and its two-hundred day moving average is $296.02. The stock has a market capitalization of $76.81 billion, a P/E ratio of 73.43, 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 (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the firm earned $0.94 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, research analysts forecast that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on CDNS shares. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Bank of America boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $287.31, for a total transaction of $172,386.00. Following the transaction, the senior vice president now directly owns 19,880 shares of the company’s stock, valued at $5,711,722.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,397 shares of company stock worth $17,805,844. Company insiders own 1.99% of the company’s stock.

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.