Cadence Design Systems (NASDAQ:CDNS) Given Neutral Rating at Piper Sandler

Cadence Design Systems (NASDAQ:CDNSGet Free Report)‘s stock had its “neutral” rating restated by Piper Sandler in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $318.00 target price on the software maker’s stock. Piper Sandler’s price target indicates a potential upside of 0.87% from the stock’s current price.

CDNS has been the topic of several other research reports. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Get Our Latest Analysis on CDNS

Cadence Design Systems Trading Down 0.7 %

Shares of CDNS stock opened at $315.26 on Wednesday. Cadence Design Systems has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average is $299.50 and its 200 day moving average is $296.07. The stock has a market capitalization of $85.88 billion, a P/E ratio of 82.10, a P/E/G ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the company posted $1.02 earnings per share. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. Research analysts expect that Cadence Design Systems will post 4.77 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the sale, the director now directly owns 48,051 shares in the company, valued at approximately $14,852,083.59. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction on 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 sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,134 shares of company stock worth $14,978,483. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Large investors have recently made changes to their positions in the business. Creative Planning grew its holdings in Cadence Design Systems by 6.5% during the 3rd quarter. Creative Planning now owns 24,251 shares of the software maker’s stock valued at $5,682,000 after purchasing an additional 1,488 shares during the last quarter. Comerica Bank purchased a new stake in Cadence Design Systems in the 3rd quarter valued at about $18,152,000. Oak Grove Capital LLC purchased a new stake in Cadence Design Systems in the 3rd quarter valued at about $211,000. EP Wealth Advisors LLC lifted its position in shares of Cadence Design Systems by 7.4% in the 3rd quarter. EP Wealth Advisors LLC now owns 2,231 shares of the software maker’s stock worth $523,000 after purchasing an additional 154 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Cadence Design Systems by 143.3% in 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 during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Company Profile

(Get Free Report)

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.

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