Piper Sandler Issues Positive Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its price objective upped by equities research analysts at Piper Sandler from $318.00 to $328.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price points to a potential upside of 21.31% from the company’s current price.

A number of other brokerages also recently commented on CDNS. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Trading Down 1.3 %

Shares of CDNS stock opened at $270.39 on Wednesday. The firm’s 50-day simple moving average is $302.27 and its 200-day simple moving average is $287.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The firm has a market cap of $74.16 billion, a P/E ratio of 70.05, a PEG ratio of 3.48 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. As a group, equities analysts forecast that Cadence Design Systems will post 5.57 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares of the company’s stock, valued at approximately $9,038,509.44. This represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the fourth quarter worth $28,000. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems in the 3rd quarter worth about $28,000. Ancora Advisors LLC lifted its position in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after purchasing an additional 112 shares during the last quarter. Finally, Avalon Trust Co acquired a new position in Cadence Design Systems during the 4th quarter valued at about $39,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.