Cadence Design Systems (NASDAQ:CDNS) Shares Gap Down After Analyst Downgrade

Cadence Design Systems, Inc. (NASDAQ:CDNS)’s stock price gapped down before the market opened on Tuesday after Piper Sandler lowered their price target on the stock from $334.00 to $318.00. The stock had previously closed at $285.02, but opened at $278.00. Piper Sandler currently has a neutral rating on the stock. Cadence Design Systems shares last traded at $279.63, with a volume of 1,562,770 shares.

CDNS has been the topic of a number of other reports. Stifel Nicolaus raised 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 report on Tuesday, February 13th. KeyCorp raised their target price 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. Robert W. Baird raised their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $316.50.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust boosted its position in Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after buying an additional 38 shares during the period. Highview Capital Management LLC DE lifted its position in shares of Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after purchasing an additional 39 shares during the period. Fiduciary Trust Co lifted its position in shares of Cadence Design Systems by 0.6% in the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after purchasing an additional 39 shares during the period. GraniteShares Advisors LLC lifted its position in shares of Cadence Design Systems by 1.2% in the 1st quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after purchasing an additional 40 shares during the period. Finally, Wealthcare Advisory Partners LLC lifted its position in shares of Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 2.3 %

The stock has a market cap of $75.82 billion, a price-to-earnings ratio of 74.61, a P/E/G ratio of 3.41 and a beta of 1.04. 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’s 50-day moving average price is $305.09 and its 200-day moving average price is $280.73.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.02 EPS. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current year.

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.