Loop Capital Has Lowered Expectations for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its target price cut by Loop Capital from $360.00 to $340.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the software maker's stock.

Several other equities analysts have also commented on the company. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday. Needham & Company LLC restated a "buy" rating and issued a $325.00 target price on shares of Cadence Design Systems in a report on Wednesday. Finally, Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $326.92.

Cadence Design Systems Trading Down 4.4 %

Shares of Cadence Design Systems stock traded down $11.96 during mid-day trading on Wednesday, hitting $258.27. 4,553,254 shares of the stock were exchanged, compared to its average volume of 1,870,280. The company has a 50-day simple moving average of $301.51 and a 200 day simple moving average of $286.95. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $70.83 billion, a price-to-earnings ratio of 66.91, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts forecast that Cadence Design Systems will post 5.57 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was 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. This represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the firm's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares in the company, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,538,875 over the last 90 days. Corporate insiders own 1.99% of the company's stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter worth $1,170,209,000. Schroder Investment Management Group lifted its holdings in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after buying an additional 716,041 shares in the last quarter. FMR LLC boosted its position in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares during the last quarter. Alliancebernstein L.P. boosted its position in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock valued at $1,705,469,000 after buying an additional 632,175 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Cadence Design Systems by 25.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker's stock valued at $882,655,000 after acquiring an additional 601,834 shares in the last quarter. 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.