Cadence Design Systems (NASDAQ:CDNS) Raised to Overweight at Piper Sandler

Piper Sandler upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a neutral rating to an overweight rating in a research report released on Tuesday, Marketbeat reports. They currently have $318.00 target price on the software maker’s stock.

A number of other research firms have also issued reports on CDNS. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an outperform rating on the stock in a report on Tuesday, July 23rd. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an overweight rating in a report on Thursday, June 27th. Bank of America raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a buy rating in a report on Thursday, May 30th. Needham & Company LLC restated a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research report on Tuesday, April 16th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $334.56.

Cadence Design Systems Price Performance

Shares of CDNS opened at $266.45 on Tuesday. The firm has a 50-day simple moving average of $294.74 and a two-hundred day simple moving average of $296.86. The stock has a market cap of $72.59 billion, a PE ratio of 69.97, a P/E/G ratio of 3.14 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. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the firm earned $0.94 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, analysts forecast that Cadence Design Systems will post 4.74 EPS for the current year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s 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 sale, the director now owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction 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 of the company’s stock, valued at $14,228,074.14. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the sale, the vice president now directly owns 66,494 shares in the company, valued at $19,615,730. The disclosure for this sale can be found here. Insiders sold 49,184 shares of company stock worth $14,719,573 in the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ulland Investment Advisors LLC acquired a new position in Cadence Design Systems in the 1st quarter valued at $25,000. Valley National Advisers Inc. grew its stake in 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. RiverPark Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter worth $26,000. ORG Partners LLC raised its stake in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the period. Finally, Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter valued at $32,000. 84.85% of the stock is currently 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.