Cadence Design Systems (NASDAQ:CDNS) Price Target Lowered to $318.00 at Piper Sandler

Cadence Design Systems (NASDAQ:CDNS) had its price target reduced by Piper Sandler from $334.00 to $318.00 in a research note published on Tuesday, Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also weighed in on CDNS. Needham & Company LLC reaffirmed a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Finally, Morgan Stanley raised Cadence Design Systems from an equal weight rating to an overweight rating and boosted their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $316.50.

Cadence Design Systems Stock Down 1.1 %

CDNS stock opened at $281.76 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $76.71 billion, a PE ratio of 73.76, a PEG ratio of 3.41 and a beta of 1.04. Cadence Design Systems has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a 50-day simple moving average of $304.84 and a two-hundred day simple moving average of $280.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business 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 quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 EPS. On average, equities analysts predict that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 completion of 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 filing with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, 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. Insiders sold 173,044 shares of company stock worth $52,231,207 in the last quarter. 1.99% of the stock is owned by insiders.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust lifted its position in 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 purchasing an additional 38 shares during the last quarter. Highview Capital Management LLC DE lifted its position in 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 purchasing an additional 39 shares during the last quarter. Fiduciary Trust Co raised its holdings in shares of Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after acquiring an additional 39 shares in the last quarter. GraniteShares Advisors LLC raised its holdings in shares of Cadence Design Systems by 1.2% during the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock valued at $1,080,000 after acquiring an additional 40 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC raised its holdings in shares of Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after acquiring an additional 41 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

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.