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

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its price target cut by equities researchers at Piper Sandler from $334.00 to $318.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the software maker's stock. Piper Sandler's price objective points to a potential upside of 12.86% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley raised shares of Cadence Design Systems from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an "overweight" rating in a report on Monday, April 15th. Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, February 13th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, April 16th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $316.50.

Cadence Design Systems Trading Down 1.1 %

Shares of Cadence Design Systems stock traded down $3.26 on Tuesday, hitting $281.76. 4,680,143 shares of the company traded hands, compared to its average volume of 1,556,322. The stock's 50 day moving average price is $305.09 and its 200-day moving average price is $280.73. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a market cap of $76.71 billion, a PE ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems's revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 earnings per share. Equities research analysts predict that Cadence Design Systems will post 4.81 EPS for the current year.

Insider Activity

In other news, SVP Karna Nisewaner sold 600 shares of the business's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares of the company's stock, valued at $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of the business's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares of the company's stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 over the last ninety days. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Valley National Advisers Inc. raised its position in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock worth $26,000 after acquiring an additional 47 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth about $28,000. Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth about $32,000. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the third quarter worth about $26,000. Finally, Union Savings Bank acquired a new position in shares of Cadence Design Systems in the fourth quarter worth about $33,000. 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.