Loop Capital Lowers Cadence Design Systems (NASDAQ:CDNS) Price Target to $340.00

Cadence Design Systems (NASDAQ:CDNS) had its target price cut by analysts at Loop Capital from $360.00 to $340.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Loop Capital’s price objective would suggest a potential upside of 25.74% from the stock’s current price.

A number of other research firms have also recently commented on CDNS. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Bank of America lowered their price objective 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. Needham & Company LLC restated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Rosenblatt Securities boosted their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Price Performance

CDNS stock opened at $270.39 on Wednesday. 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 one year low of $241.29 and a one year high of $328.99. The stock has a market cap of $74.16 billion, a PE ratio of 70.05, a P/E/G ratio of 3.48 and a beta of 1.03. The firm has a 50 day simple moving average of $302.27 and a two-hundred day simple moving average of $287.07.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly 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 30.20% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. On average, analysts predict that Cadence Design Systems will post 5.57 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,538,875 in the last three months. 1.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CDNS. Swedbank AB increased its position in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the period. Venture Visionary Partners LLC increased its stake in shares of Cadence Design Systems by 2.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after acquiring an additional 41 shares in the last quarter. Leo Wealth LLC increased its stake in shares of Cadence Design Systems by 6.6% in the 3rd quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock worth $211,000 after acquiring an additional 48 shares in the last quarter. BLB&B Advisors LLC increased its stake in shares of Cadence Design Systems by 4.5% in the 3rd quarter. BLB&B Advisors LLC now owns 49,309 shares of the software maker’s stock worth $13,364,000 after acquiring an additional 2,138 shares in the last quarter. Finally, Private Advisor Group LLC increased its stake in shares of Cadence Design Systems by 31.2% in the 3rd quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock worth $2,800,000 after acquiring an additional 2,457 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other 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.