Cadence Design Systems (NASDAQ:CDNS) PT Lowered to $318.00

Cadence Design Systems (NASDAQ:CDNS) had its target price dropped by equities research analysts at Piper Sandler from $334.00 to $318.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target indicates a potential upside of 14.53% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on CDNS. KeyCorp upped 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. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Stock Performance

CDNS opened at $277.66 on Tuesday. The firm has a market cap of $75.59 billion, a P/E ratio of 72.31, a PEG ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a 50 day simple moving average of $304.38 and a two-hundred day simple moving average of $280.97. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 33.53%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the business posted $1.02 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Equities analysts forecast that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction 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 transaction, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several large investors have recently bought and sold shares of CDNS. Norges Bank purchased a new position in Cadence Design Systems in the fourth quarter valued at $1,141,059,000. Nordea Investment Management AB grew its holdings in shares of Cadence Design Systems by 124.8% during the fourth 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 during the last quarter. Wellington Management Group LLP grew its holdings in shares of Cadence Design Systems by 143.3% during the third 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 during the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the last quarter. Hedge funds and other 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.