Piper Sandler Raises Cadence Design Systems (NASDAQ:CDNS) Price Target to $328.00

Cadence Design Systems (NASDAQ:CDNS) had its target price lifted by equities research analysts at Piper Sandler from $318.00 to $328.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price indicates a potential upside of 9.18% from the company’s current price.

CDNS has been the subject of several other reports. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average price target of $327.75.

Cadence Design Systems Trading Up 1.8 %

CDNS stock opened at $300.43 on Wednesday. The stock has a market cap of $82.40 billion, a price-to-earnings ratio of 78.85, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03. The company has a fifty day moving average price of $303.01 and a two-hundred day moving average price of $286.80. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. 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 (NASDAQ:CDNS) last announced 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 net margin of 23.87% and a return on equity of 28.49%. Equities analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 over the last three months. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems during the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the third quarter worth about $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Ancora Advisors LLC raised its holdings in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after buying an additional 112 shares during the last quarter. Finally, Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $39,000. 84.85% of the stock is currently 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.