Piper Sandler Issues Positive Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its target price raised by Piper Sandler from $318.00 to $328.00 in a research report report published on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the software maker's stock.

Several other brokerages also recently commented on CDNS. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target for the company. 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, Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. One 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's stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $326.92.

Cadence Design Systems Stock Down 4.4 %

CDNS stock traded down $11.96 during mid-day trading on Wednesday, hitting $258.27. 4,346,481 shares of the company were exchanged, compared to its average volume of 1,821,239. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The firm has a market cap of $70.83 billion, a P/E ratio of 66.91, a P/E/G ratio of 3.17 and a beta of 1.03. The firm's 50 day simple moving average is $301.51 and its 200 day simple moving average is $286.95. Cadence Design Systems has a 1-year low of $241.29 and a 1-year 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 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company 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%. On average, sell-side analysts predict that Cadence Design Systems will post 5.57 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the stock. Missouri Trust & Investment Co acquired a new position in shares of Cadence Design Systems in the third quarter valued at $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems in the third quarter valued at $28,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at $28,000. Ancora Advisors LLC increased its holdings 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 valued at $36,000 after purchasing an additional 112 shares during the last quarter. Finally, Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at $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.