Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $338.00

Cadence Design Systems (NASDAQ:CDNS) had its target price trimmed by Robert W. Baird from $341.00 to $338.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

Several other research firms have also issued reports on CDNS. Needham & Company LLC reissued a buy rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. KeyCorp increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an overweight rating in a report on Thursday, June 27th. Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. StockNews.com lowered shares of Cadence Design Systems from a buy rating to a hold rating in a report on Thursday, May 2nd. Finally, Bank of America increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a buy rating in a report on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of Moderate Buy and an average target price of $334.56.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $258.79 on Tuesday. Cadence Design Systems has a 52 week low of $217.77 and a 52 week high of $328.99. The firm has a market capitalization of $70.50 billion, a P/E ratio of 67.39, a PEG ratio of 3.21 and a beta of 1.03. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average price of $301.12 and a 200-day moving average price of $297.81.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 EPS. Equities research analysts anticipate that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,134 shares of company stock worth $14,987,093. 1.99% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

Institutional investors have recently bought and sold shares of the stock. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems in the first quarter worth $25,000. Valley National Advisers Inc. lifted its position in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the last quarter. RiverPark Advisors LLC bought a new stake in Cadence Design Systems in the first quarter worth $26,000. ORG Partners LLC lifted its position in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the last quarter. Finally, Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems in the first quarter worth $32,000. 84.85% of the stock is currently owned by institutional investors.

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.