Robert W. Baird Has Lowered Expectations for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its price target lowered by investment analysts at Robert W. Baird from $340.00 to $335.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target would suggest a potential upside of 29.71% from the stock’s current price.

Other analysts have also issued research reports about the stock. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Bank of America lowered their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler boosted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday. Finally, 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Stock Performance

CDNS stock opened at $258.27 on Thursday. The company has a 50 day moving average price of $301.51 and a 200 day moving average price of $286.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock has a market capitalization of $70.83 billion, a PE ratio of 66.91, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released 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). 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. Analysts forecast that Cadence Design Systems will post 5.57 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, 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 value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its position in Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after buying an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. lifted its position in Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock worth $1,589,000 after buying an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. lifted its position in Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after buying an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after buying an additional 79,268 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

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.