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

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

A number of other equities analysts also recently commented on CDNS. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. KeyCorp raised their price objective 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. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Three equities 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $316.50.

Cadence Design Systems Stock Up 1.7 %

Shares of Cadence Design Systems stock opened at $285.02 on Tuesday. The company has a market cap of $77.59 billion, a P/E ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36. The firm has a fifty day moving average of $305.09 and a two-hundred day moving average of $280.73.

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 company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS. On average, analysts forecast that Cadence Design Systems will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors have recently modified their holdings of the company. Parkside Financial Bank & Trust raised its position in shares of Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after buying an additional 38 shares during the last quarter. Highview Capital Management LLC DE raised its position in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after buying an additional 39 shares during the last quarter. Fiduciary Trust Co raised its position in shares of Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after buying an additional 39 shares during the last quarter. GraniteShares Advisors LLC raised its position in shares of Cadence Design Systems by 1.2% in the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock valued at $1,080,000 after buying an additional 40 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC raised its position in shares of Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after buying an additional 41 shares during the last quarter. Institutional investors and hedge funds 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.