Cadence Design Systems (NASDAQ:CDNS) Receives “Neutral” Rating from Piper Sandler

Piper Sandler reiterated their neutral rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note released on Tuesday, Marketbeat reports. Piper Sandler currently has a $355.00 price target on the software maker’s stock, up from their prior price target of $328.00.

Other research analysts have also recently issued reports about the stock. Loop Capital lifted their target price on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, July 14th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an “outperform” rating in a report on Monday. Wall Street Zen cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $359.00.

Cadence Design Systems Trading Up 9.7%

Shares of NASDAQ CDNS opened at $366.26 on Tuesday. Cadence Design Systems has a 1 year low of $221.56 and a 1 year high of $370.61. The stock has a market cap of $100.00 billion, a P/E ratio of 98.99, a price-to-earnings-growth ratio of 4.64 and a beta of 0.99. The firm has a 50-day moving average of $310.57 and a 200 day moving average of $289.31. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 30.18%. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the company posted $1.28 EPS. Cadence Design Systems’s revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, Director James D. Plummer sold 868 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director directly owned 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer owned 209,548 shares of the company’s stock, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,085 shares of company stock valued at $4,652,087. 0.37% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Large investors have recently added to or reduced their stakes in the business. Park Square Financial Group LLC bought a new stake in Cadence Design Systems during the fourth quarter valued at approximately $348,000. Merit Financial Group LLC boosted its position in shares of Cadence Design Systems by 42.6% in the first quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker’s stock worth $805,000 after purchasing an additional 946 shares during the period. Novem Group boosted its position in shares of Cadence Design Systems by 30.3% in the first quarter. Novem Group now owns 4,067 shares of the software maker’s stock worth $1,034,000 after purchasing an additional 945 shares during the period. Seilern Investment Management Ltd bought a new position in shares of Cadence Design Systems in the first quarter worth approximately $64,800,000. Finally, Integrated Advisors Network LLC boosted its position in shares of Cadence Design Systems by 156.9% in the fourth quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker’s stock worth $1,023,000 after purchasing an additional 2,080 shares during the period. 84.85% of the stock is currently 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.