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

Cadence Design Systems (NASDAQ:CDNS) had its price target lifted by Piper Sandler from $318.00 to $328.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other analysts also recently weighed in on the company. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday. Mizuho lifted their price target 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. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $327.33.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $274.04 on Wednesday. The business’s 50-day simple moving average is $302.96 and its 200 day simple moving average is $287.16. The company has a market cap of $75.16 billion, a P/E ratio of 71.93, a PEG ratio of 3.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its 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). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. On average, sell-side analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were 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 of the company’s stock, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. 0.62% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

A number of large investors have recently modified their holdings of CDNS. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter worth approximately $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at approximately $28,000. Ancora Advisors LLC increased its position in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares during the period. Finally, Avalon Trust Co bought a new stake in Cadence Design Systems during the 4th quarter valued at $39,000. Institutional investors and hedge funds 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.