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

Cadence Design Systems (NASDAQ:CDNS) had its target price lowered by research analysts at Piper Sandler from $334.00 to $318.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective indicates a potential upside of 14.53% from the stock’s current price.

CDNS has been the topic of a number of other research reports. KeyCorp increased their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday. Robert W. Baird increased 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. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Finally, Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $316.50.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $277.66 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $75.59 billion, a P/E ratio of 72.31, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The firm’s fifty day simple moving average is $304.38 and its two-hundred day simple moving average is $280.97. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 33.53%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. As a group, analysts predict that Cadence Design Systems will post 4.81 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the transaction, the director now owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the sale, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock valued at $52,231,207 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds have recently modified their holdings of the stock. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. raised its holdings in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $28,000. Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $32,000. Finally, Union Savings Bank bought a new stake in Cadence Design Systems during the 4th quarter valued at $33,000. 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.