Cadence Design Systems (NASDAQ:CDNS) Given New $328.00 Price Target at Piper Sandler

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

Several other brokerages have also recently issued reports on CDNS. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Wells Fargo & Company started coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Finally, Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. One equities research 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. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $327.33.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $274.04 on Wednesday. The stock has a market cap of $75.16 billion, a price-to-earnings 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 current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99. The stock’s 50 day moving average price is $302.96 and its 200 day moving average price is $287.16.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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 28.49% and a net margin of 23.87%. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts anticipate that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction 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 transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock valued at $33,538,875. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several large investors have recently made changes to their positions in the company. Toronto Dominion Bank raised its stake in shares of Cadence Design Systems by 3.7% in the 4th quarter. Toronto Dominion Bank now owns 156,061 shares of the software maker’s stock valued at $46,890,000 after buying an additional 5,551 shares in the last quarter. Blue Sky Capital Consultants Group Inc. bought a new stake in Cadence Design Systems in the fourth quarter valued at about $267,000. GF Fund Management CO. LTD. acquired a new position in Cadence Design Systems in the fourth quarter worth about $26,266,000. Vega Investment Solutions bought a new position in Cadence Design Systems during the fourth quarter worth about $521,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in Cadence Design Systems during the fourth quarter valued at approximately $111,000. 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.