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

Cadence Design Systems (NASDAQ:CDNS) had its price target trimmed 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.

Several other research firms have also recently issued reports on CDNS. StockNews.com cut shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday, April 16th. Needham & Company LLC reissued a buy rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research report on Tuesday, February 13th. Finally, Rosenblatt Securities reissued a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has a consensus rating of Moderate Buy and a consensus target price of $316.50.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $277.08 on Tuesday. The company has a market capitalization of $75.43 billion, a price-to-earnings ratio of 72.16, a PEG ratio of 3.43 and a beta of 1.04. Cadence Design Systems has a 12 month low of $198.92 and a 12 month high of $327.36. The firm’s 50-day moving average is $304.01 and its 200 day moving average is $280.94. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly 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 the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.02 EPS. Research 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 Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the firm’s 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 $441,870.60. Following the completion of the sale, 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. Insiders sold a total of 173,044 shares of company stock worth $52,231,207 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Ulland Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth $25,000. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems during the third quarter worth $26,000. Valley National Advisers Inc. lifted its stake in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Finally, Annapolis Financial Services LLC acquired a new stake in shares of Cadence Design Systems during the first quarter worth $32,000. 84.85% of the stock is currently 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.