Cadence Design Systems (NASDAQ:CDNS) PT Lowered to $338.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective reduced by research analysts at Robert W. Baird from $341.00 to $338.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s target price would suggest a potential upside of 26.91% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Piper Sandler reissued a “neutral” rating and issued a $318.00 target price on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Finally, Bank of America upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Price Performance

CDNS opened at $266.34 on Tuesday. The stock has a 50-day moving average price of $302.33 and a 200-day moving average price of $298.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $72.56 billion, a PE ratio of 69.36, a P/E/G ratio of 3.51 and a beta of 1.03. Cadence Design Systems has a 1 year low of $217.77 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 31.52% and a net margin of 25.36%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm earned $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems will post 4.77 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the completion of the transaction, the director now directly owns 49,551 shares in the company, valued at approximately $14,228,074.14. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,134 shares of company stock worth $14,987,093. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

Several hedge funds have recently modified their holdings of CDNS. Norges Bank bought a new stake in Cadence Design Systems in the fourth quarter worth $1,141,059,000. Swedbank AB bought a new stake in Cadence Design Systems in the first quarter worth $439,988,000. BNP Paribas Financial Markets increased its position in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the last quarter. Jennison Associates LLC increased its position in Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its position in Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after purchasing an additional 451,530 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.