Robert W. Baird Issues Pessimistic Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its price objective dropped by equities research analysts at Robert W. Baird from $340.00 to $335.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the software maker's stock. Robert W. Baird's price target suggests a potential upside of 29.71% from the company's current price.

Other equities analysts have also issued research reports about the stock. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Loop Capital lowered their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target for the company. Redburn Atlantic assumed coverage on shares of 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. Finally, Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. 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. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.92.

Cadence Design Systems Stock Down 4.4 %

Shares of NASDAQ CDNS traded down $11.96 during trading on Thursday, reaching $258.27. 4,553,254 shares of the stock were exchanged, compared to its average volume of 1,870,280. The business's 50-day moving average price is $301.51 and its 200 day moving average price is $286.95. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99. 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 company 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 (NASDAQ:CDNS - Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, equities analysts forecast that Cadence Design Systems will post 5.57 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the company's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company's stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. lifted its stake in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after buying an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. lifted its stake in Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after buying an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. lifted its stake in Cadence Design Systems by 64.3% during the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock valued at $235,625,000 after buying an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock valued at $41,850,000 after buying an additional 79,268 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock valued at $258,136,000 after buying an additional 310,250 shares in the last quarter. 84.85% of the stock is 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.