Cadence Design Systems (NASDAQ:CDNS) Price Target Lowered to $200.00 at Oppenheimer

Cadence Design Systems (NASDAQ:CDNS) had its target price reduced by equities research analysts at Oppenheimer from $225.00 to $200.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the software maker’s stock. Oppenheimer’s target price would indicate a potential downside of 23.30% from the stock’s current price.

Several other equities analysts have also recently issued reports on CDNS. Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Robert W. Baird reduced their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Trading Up 2.7 %

CDNS traded up $6.87 on Wednesday, reaching $260.75. 1,148,980 shares of the company’s stock were exchanged, compared to its average volume of 1,788,406. The company’s 50 day moving average is $280.50 and its 200-day moving average is $284.19. The company has a market cap of $71.47 billion, a price-to-earnings ratio of 67.59, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems has a twelve month low of $230.09 and a twelve month high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) 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 business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Equities analysts predict that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,021 shares of company stock worth $31,229,155 in the last three months. 1.99% of the stock is owned by insiders.

Institutional Trading of Cadence Design Systems

Institutional investors have recently modified their holdings of the company. Swedbank AB boosted its stake in Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares in the last quarter. Quest Partners LLC boosted its stake in Cadence Design Systems by 47.7% in the 3rd quarter. Quest Partners LLC now owns 3,242 shares of the software maker’s stock valued at $879,000 after buying an additional 1,047 shares in the last quarter. Pathstone Holdings LLC boosted its stake in Cadence Design Systems by 4.6% in the 3rd quarter. Pathstone Holdings LLC now owns 56,073 shares of the software maker’s stock valued at $15,197,000 after buying an additional 2,474 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares in the last quarter. 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.