Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $315.00 by Analysts at Needham & Company LLC

Cadence Design Systems (NASDAQ:CDNS) had its price target decreased by Needham & Company LLC from $320.00 to $315.00 in a research note released on Tuesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the software maker’s stock.

Several other equities research analysts have also recently issued reports on CDNS. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. Robert W. Baird decreased their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Mizuho assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $323.17.

Cadence Design Systems Stock Down 4.8 %

CDNS opened at $276.12 on Tuesday. The firm has a market cap of $75.61 billion, a P/E ratio of 72.47, a PEG ratio of 3.03 and a beta of 1.02. The business’s fifty day simple moving average is $267.02 and its 200 day simple moving average is $281.99. Cadence Design Systems has a 52 week low of $233.51 and a 52 week high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the company earned $1.01 EPS. As a group, equities research analysts anticipate that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now owns 45,051 shares in the company, valued at $12,444,888.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now directly owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 1,213 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the transaction, the senior vice president now directly owns 17,617 shares of the company’s stock, valued at $4,923,775.33. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,697 shares of company stock worth $7,555,216. 1.99% of the stock is currently owned by company insiders.

Institutional Trading of Cadence Design Systems

Institutional investors have recently added to or reduced their stakes in the stock. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth about $26,000. ORG Partners LLC raised its stake in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares in the last quarter. Hollencrest Capital Management lifted its holdings in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares during the last quarter. Chilton Capital Management LLC grew its position in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after acquiring an additional 123 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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.