Cadence Design Systems (NASDAQ:CDNS) Stock Rating Upgraded by Piper Sandler

Cadence Design Systems (NASDAQ:CDNS) was upgraded by analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday, Marketbeat.com reports. The brokerage currently has a $318.00 price objective on the software maker’s stock. Piper Sandler’s price objective indicates a potential upside of 27.04% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Bank of America boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Stock Down 3.7 %

Cadence Design Systems stock opened at $250.31 on Tuesday. Cadence Design Systems has a 1-year low of $217.77 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The stock has a market cap of $68.19 billion, a PE ratio of 65.18, a P/E/G ratio of 3.14 and a beta of 1.03. The stock’s fifty day moving average is $295.13 and its two-hundred day moving average is $297.06.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating 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 analysts’ expectations of $1.04 billion. During the same period last year, the firm earned $0.94 earnings per share. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems will post 4.74 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the sale, the director now owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, 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. Insiders have sold 49,184 shares of company stock valued at $14,719,573 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. LPL Financial LLC raised its position in shares of Cadence Design Systems by 19.2% during the 2nd quarter. LPL Financial LLC now owns 274,034 shares of the software maker’s stock worth $84,334,000 after purchasing an additional 44,179 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Cadence Design Systems by 9.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 91,824 shares of the software maker’s stock worth $28,258,000 after purchasing an additional 7,712 shares during the last quarter. Royal London Asset Management Ltd. raised its position in shares of Cadence Design Systems by 19.8% during the 2nd quarter. Royal London Asset Management Ltd. now owns 141,876 shares of the software maker’s stock worth $43,662,000 after purchasing an additional 23,408 shares during the last quarter. LGT Fund Management Co Ltd. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $769,000. Finally, Choreo LLC acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $1,367,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

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.