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 Piper Sandler from $334.00 to $318.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a neutral rating on the software maker’s stock.

Other equities analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday, April 16th. Robert W. Baird upped 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. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research report on Tuesday, April 16th. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a report on Tuesday, February 13th. Finally, KeyCorp increased their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a report on Monday, April 15th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $316.50.

Cadence Design Systems Stock Down 0.2 %

Shares of NASDAQ:CDNS opened at $277.08 on Tuesday. The stock has a market cap of $75.43 billion, a P/E ratio of 72.16, a P/E/G ratio of 3.43 and a beta of 1.04. The firm has a fifty day moving average price of $304.01 and a 200 day moving average price of $280.94. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. Cadence Design Systems has a 1-year low of $198.92 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS. Sell-side analysts predict that Cadence Design Systems will post 4.81 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. In the last three months, insiders sold 173,044 shares of company stock worth $52,231,207. 1.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds have recently modified their holdings of the company. DekaBank Deutsche Girozentrale boosted its stake in shares of Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after purchasing an additional 99,251 shares during the last quarter. Miracle Mile Advisors LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $934,000. Pacer Advisors Inc. boosted its position in shares of Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $55,443,000. 84.85% of the stock is owned by institutional investors and hedge funds.

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.