Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $340.00 by Analysts at Loop Capital

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

A number of other equities analysts also recently issued reports on CDNS. Rosenblatt Securities upped their price target on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Bank of America cut their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $327.33.

Cadence Design Systems Trading Down 8.8 %

Shares of NASDAQ CDNS opened at $274.04 on Wednesday. The firm has a market cap of $75.16 billion, a PE ratio of 71.93, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99. The business has a fifty day simple moving average of $302.96 and a two-hundred day simple moving average of $287.16.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Analysts expect that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction 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. The trade was a 18.13 % 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 90 days. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. Schroder Investment Management Group lifted its position in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after buying an additional 716,041 shares during the last quarter. FMR LLC raised its stake in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after acquiring an additional 639,146 shares in the last quarter. Alliancebernstein L.P. lifted its position in 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 acquiring an additional 632,175 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock worth $882,655,000 after purchasing an additional 601,834 shares in the last quarter. Hedge funds and other institutional investors 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.