Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $328.00 at Piper Sandler

Cadence Design Systems (NASDAQ:CDNS) had its target price upped by stock analysts at Piper Sandler from $318.00 to $328.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Piper Sandler’s price target points to a potential upside of 9.18% from the stock’s current price.

Several other brokerages have also issued reports on CDNS. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic began 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 on the stock. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Loop Capital began coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. Finally, StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. One 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. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $327.75.

Cadence Design Systems Stock Up 1.8 %

Cadence Design Systems stock opened at $300.43 on Wednesday. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a 50 day moving average price of $303.01 and a two-hundred day moving average price of $286.80. The firm has a market cap of $82.40 billion, a price-to-earnings ratio of 78.85, a PEG ratio of 3.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Equities analysts predict that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,416 shares of company stock worth $33,538,875. Insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

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

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.