Piper Sandler Begins Coverage on Cadence Design Systems (NASDAQ:CDNS)

Research analysts at Piper Sandler initiated coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report issued on Thursday, Marketbeat reports. The firm set a “neutral” rating and a $334.00 price target on the software maker’s stock. Piper Sandler’s price objective points to a potential upside of 8.43% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Rosenblatt Securities cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price target for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $310.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 6th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 13th. Finally, KeyCorp lifted their price target on shares of Cadence Design Systems from $325.00 to $335.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $313.60.

Cadence Design Systems Price Performance

CDNS opened at $308.02 on Thursday. The company’s 50 day simple moving average is $304.55 and its 200 day simple moving average is $274.49. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a 1 year low of $194.01 and a 1 year high of $327.36. The stock has a market capitalization of $83.86 billion, a PE ratio of 80.63, a P/E/G ratio of 3.78 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the company earned $0.75 earnings per share. As a group, sell-side analysts expect that Cadence Design Systems will post 4.81 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Insiders sold a total of 223,544 shares of company stock worth $66,184,727 over the last 90 days. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Cadence Design Systems by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after acquiring an additional 384,637 shares during the period. State Street Corp lifted its holdings in Cadence Design Systems by 1.7% in the second quarter. State Street Corp now owns 11,602,459 shares of the software maker’s stock worth $2,721,009,000 after purchasing an additional 195,878 shares during the period. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares during the period. Geode Capital Management LLC lifted its holdings in Cadence Design Systems by 1.7% in the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock worth $1,297,925,000 after purchasing an additional 103,213 shares during the period. Finally, Norges Bank acquired a new stake in Cadence Design Systems in the fourth quarter worth about $770,945,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.