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

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

CDNS has been the subject of a number of other research reports. Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and raised their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Stifel Nicolaus raised their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research note on Tuesday, February 13th. Needham & Company LLC restated a buy rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $316.50.

Cadence Design Systems Stock Down 1.1 %

Cadence Design Systems stock opened at $281.76 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock has a market capitalization of $76.71 billion, a price-to-earnings ratio of 73.76, a PEG ratio of 3.41 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 business has a fifty day moving average price of $304.84 and a 200-day moving average price of $280.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 EPS. Equities research analysts forecast that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

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 stock was 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 approximately $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Anirudh Devgan sold 48,533 shares of Cadence Design Systems stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $302.50, for a total value of $14,681,232.50. Following the completion of the transaction, the chief executive officer now owns 67,812 shares in the company, valued at approximately $20,513,130. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,044 shares of company stock worth $52,231,207. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the business. DekaBank Deutsche Girozentrale increased its stake in shares of Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after purchasing an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC acquired a new stake in Cadence Design Systems in the 4th quarter worth about $934,000. Pacer Advisors Inc. boosted its holdings in Cadence Design Systems by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new stake in Cadence Design Systems in the 4th quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Cadence Design Systems in the 4th quarter worth about $55,443,000. Hedge funds and other 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.