Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $318.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective dropped by stock analysts at Piper Sandler from $334.00 to $318.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target would indicate a potential upside of 11.57% from the company’s current price.

Other analysts have also issued reports about the company. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $285.02 on Tuesday. The stock has a 50-day simple moving average of $305.09 and a 200 day simple moving average of $280.73. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 12-month low of $194.01 and a 12-month high of $327.36. The stock has a market capitalization of $77.59 billion, a price-to-earnings ratio of 74.61, a P/E/G ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the company earned $1.02 earnings per share. On average, research analysts anticipate that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,544 shares of company stock worth $53,581,207. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. Norges Bank bought a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Jennison Associates LLC raised its stake in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after acquiring an additional 448,918 shares during the period. Institutional investors own 84.85% 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.