Loop Capital Issues Pessimistic Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its price target dropped by Loop Capital from $360.00 to $340.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Loop Capital’s price target points to a potential upside of 26.88% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday. Bank of America reduced their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $327.33.

Cadence Design Systems Trading Down 10.8 %

NASDAQ CDNS traded down $32.47 during mid-day trading on Wednesday, reaching $267.96. 3,399,991 shares of the stock were exchanged, compared to its average volume of 1,593,254. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. The stock has a 50 day simple moving average of $302.96 and a 200-day simple moving average of $287.16. The stock has a market cap of $73.49 billion, a P/E ratio of 70.39, a P/E/G ratio of 3.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. On average, analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current year.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,538,875. 0.62% of the stock is currently owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Institutional investors have recently made changes to their positions in the stock. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at about $28,000. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at about $28,000. Ancora Advisors LLC boosted its holdings in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares during the last quarter. Finally, Avalon Trust Co purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $39,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.