Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $200.00 by Analysts at Oppenheimer

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its price target cut by Oppenheimer from $225.00 to $200.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an underperform rating on the software maker's stock.

A number of other research analysts have also recently weighed in on CDNS. Needham & Company LLC restated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Bank of America reduced their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 price target for the company. One 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $324.83.

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Cadence Design Systems Price Performance

Shares of NASDAQ CDNS traded up $3.92 during midday trading on Wednesday, hitting $262.42. The company had a trading volume of 5,699,757 shares, compared to its average volume of 1,808,735. 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 business has a 50-day simple moving average of $278.01 and a two-hundred day simple moving average of $284.19. Cadence Design Systems has a twelve month low of $230.09 and a twelve month high of $328.99. The firm has a market capitalization of $71.93 billion, a price-to-earnings ratio of 67.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 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 firm had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.35 billion. Equities research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the business's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently added to or reduced their stakes in CDNS. Park Square Financial Group LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $348,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Cadence Design Systems during the fourth quarter worth approximately $75,205,000. Armis Advisers LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at $635,000. Integrated Advisors Network LLC lifted its holdings in shares of Cadence Design Systems by 156.9% during the 4th quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock valued at $1,023,000 after acquiring an additional 2,080 shares in the last quarter. Finally, Great Valley Advisor Group Inc. boosted its position in Cadence Design Systems by 3.0% during the 4th quarter. Great Valley Advisor Group Inc. now owns 32,694 shares of the software maker's stock worth $9,823,000 after purchasing an additional 941 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

About Cadence Design Systems

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.