Cadence Design Systems (NASDAQ:CDNS) Given New $340.00 Price Target at Loop Capital

Cadence Design Systems (NASDAQ:CDNS) had its price objective trimmed by Loop Capital from $360.00 to $340.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other equities analysts also recently commented on CDNS. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Mizuho boosted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Bank of America lowered their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Piper Sandler upped their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Stock Down 4.4 %

Cadence Design Systems stock opened at $258.27 on Wednesday. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99. The stock’s fifty day simple moving average is $301.51 and its 200-day simple moving average is $286.95. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $70.83 billion, a P/E ratio of 66.91, a P/E/G ratio of 3.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities analysts expect that Cadence Design Systems will post 5.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a 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 Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,538,875 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CDNS. Norges Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. Schroder Investment Management Group grew its position in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC grew its position in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Cadence Design Systems by 25.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock valued at $882,655,000 after purchasing an additional 601,834 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.