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

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

Other equities research analysts have also recently issued research reports about the company. Needham & Company LLC reissued a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. Stifel Nicolaus increased their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research note on Tuesday, February 13th. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research note on Tuesday, April 16th. Rosenblatt Securities reiterated a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of Moderate Buy and an average target price of $326.11.

Cadence Design Systems Stock Performance

CDNS stock opened at $282.41 on Tuesday. The stock has a market cap of $76.88 billion, a P/E ratio of 73.54, a P/E/G ratio of 3.26 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. The firm has a 50 day simple moving average of $303.85 and a 200 day simple moving average of $281.19. Cadence Design Systems has a 52 week low of $198.92 and a 52 week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the business posted $1.02 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. Research analysts anticipate that Cadence Design Systems will post 4.79 earnings per share for the current fiscal 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was 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 in the company, valued at $21,155,986.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s 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 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. Insiders have sold 173,044 shares of company stock valued at $52,231,207 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems in the 1st quarter valued at $25,000. OFI Invest Asset Management bought a new stake in Cadence Design Systems in the third quarter valued at about $26,000. Valley National Advisers Inc. raised its position in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new position in Cadence Design Systems during the fourth quarter worth about $28,000. Finally, Annapolis Financial Services LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at approximately $32,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.