Piper Sandler Reiterates “Neutral” Rating for Cadence Design Systems (NASDAQ:CDNS)

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “neutral” rating reissued by Piper Sandler in a report released on Wednesday, Benzinga reports. They presently have a $318.00 price target on the software maker’s stock. Piper Sandler’s target price would suggest a potential upside of 1.25% from the stock’s current price.

A number of other research firms also recently commented on CDNS. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Robert W. Baird boosted their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a report on Tuesday, July 2nd. KeyCorp lifted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, May 17th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems Trading Down 1.8 %

CDNS opened at $314.07 on Wednesday. The firm has a market capitalization of $85.56 billion, a P/E ratio of 81.79, a P/E/G ratio of 3.88 and a beta of 1.03. The firm’s 50 day moving average is $301.16 and its 200-day moving average is $296.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a 52-week low of $217.77 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the firm earned $1.02 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Analysts expect that Cadence Design Systems will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock valued at $14,978,483 in the last quarter. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Norden Group LLC raised its holdings in Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares in the last quarter. Pinebridge Investments L.P. raised its stake in shares of Cadence Design Systems by 37.5% in the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after buying an additional 3,899 shares during the period. USA Financial Formulas boosted its stake in Cadence Design Systems by 380.7% during the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after buying an additional 7,066 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 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.