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 report published on Wednesday, Benzinga reports. They currently have a $318.00 price objective on the software maker’s stock.

CDNS has been the topic of a number of other research reports. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Needham & Company LLC reissued a buy rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, May 17th. Robert W. Baird boosted their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the stock an outperform rating in a research note on Tuesday, July 2nd. Bank of America boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a buy rating in a research note on Thursday, May 30th. Finally, StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a research note on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $334.89.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $319.80 on Wednesday. The stock’s fifty day simple moving average is $300.41 and its 200 day simple moving average is $296.24. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $87.12 billion, a price-to-earnings ratio of 83.28, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems has a one year low of $217.77 and a one year high of $328.99.

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

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a filing 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 company’s stock in a transaction dated 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 completion of the sale, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The disclosure for this sale can be found here. Insiders sold a total of 50,134 shares of company stock worth $14,978,483 over the last 90 days. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several large investors have recently modified their holdings of CDNS. Creative Planning increased its holdings in shares of Cadence Design Systems by 6.5% in the third quarter. Creative Planning now owns 24,251 shares of the software maker’s stock worth $5,682,000 after acquiring an additional 1,488 shares in the last quarter. Comerica Bank bought a new stake in shares of Cadence Design Systems in the third quarter worth about $18,152,000. Oak Grove Capital LLC bought a new stake in shares of Cadence Design Systems in the third quarter worth about $211,000. EP Wealth Advisors LLC increased its holdings in shares of Cadence Design Systems by 7.4% in the third quarter. EP Wealth Advisors LLC now owns 2,231 shares of the software maker’s stock worth $523,000 after acquiring an additional 154 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares in the last quarter. 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.