Cadence Design Systems (NASDAQ:CDNS) PT Lowered to $318.00

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

Several other analysts have also weighed in on CDNS. Rosenblatt Securities reiterated a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a research note on Thursday, April 18th. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. KeyCorp boosted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research report on Monday, April 15th. Finally, StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $326.11.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $282.41 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08. The firm’s fifty day simple moving average is $303.85 and its two-hundred day simple moving average is $281.19. Cadence Design Systems has a 12 month low of $198.92 and a 12 month high of $327.36. The stock has a market capitalization of $76.88 billion, a P/E ratio of 73.54, a price-to-earnings-growth ratio of 3.26 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 EPS. As a group, analysts predict that Cadence Design Systems will post 4.79 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the transaction, the vice president now directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction 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. 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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its stake in shares of Cadence Design Systems by 11.1% in the 3rd quarter. IFP Advisors Inc now owns 1,863 shares of the software maker’s stock worth $436,000 after buying an additional 186 shares during the last quarter. Capital Investment Advisors LLC grew its stake in Cadence Design Systems by 53.9% in the 3rd quarter. Capital Investment Advisors LLC now owns 2,071 shares of the software maker’s stock valued at $485,000 after purchasing an additional 725 shares during the period. Mach 1 Financial Group LLC purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $203,000. Private Trust Co. NA boosted its holdings in shares of Cadence Design Systems by 43.6% in the 3rd quarter. Private Trust Co. NA now owns 405 shares of the software maker’s stock worth $95,000 after buying an additional 123 shares during the last quarter. Finally, Liberty Capital Management Inc. grew its position in Cadence Design Systems by 43.2% during the third quarter. Liberty Capital Management Inc. now owns 8,314 shares of the software maker’s stock valued at $1,948,000 after buying an additional 2,508 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.