Cadence Design Systems (NASDAQ:CDNS) Reaches New 12-Month Low - What's Next?

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) reached a new 52-week low during trading on Monday . The company traded as low as $221.56 and last traded at $237.70, with a volume of 1835030 shares trading hands. The stock had previously closed at $232.88.

Analyst Ratings Changes

CDNS has been the topic of a number of analyst reports. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Piper Sandler increased their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday, February 19th. Rosenblatt Securities boosted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 19th. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Finally, Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

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Cadence Design Systems Trading Up 2.1 %

The company has a market cap of $71.18 billion, a P/E ratio of 67.22, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm's 50-day moving average price is $261.43 and its 200-day moving average price is $282.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,950 shares of company stock worth $518,499 over the last ninety days. Company insiders own 1.99% of the company's stock.

Institutional Investors Weigh In On Cadence Design Systems

Several large investors have recently added to or reduced their stakes in CDNS. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $28,000. Ancora Advisors LLC increased its position in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $39,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $46,000. Institutional investors own 84.85% of the company's stock.

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.