Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $335.00 by Analysts at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its target price lowered by equities research analysts at Robert W. Baird from $340.00 to $335.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target would suggest a potential upside of 29.71% from the company’s previous close.

A number of other research analysts have also commented on the stock. Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating 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 issued an “overweight” rating and a $350.00 price target on the stock. Rosenblatt Securities upped their price target 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. Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Stock Down 4.4 %

Shares of CDNS stock opened at $258.27 on Thursday. 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’s 50-day moving average is $301.51 and its 200-day moving average is $286.95. The stock has a market cap of $70.83 billion, a price-to-earnings ratio of 66.91, a PEG ratio of 3.17 and a beta of 1.03. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued 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 during 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%. Sell-side analysts predict that Cadence Design Systems will post 5.57 EPS for the current year.

Insider Buying and Selling

In related news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock worth $33,538,875. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp lifted its stake in Cadence Design Systems by 1.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,286,331 shares of the software maker’s stock valued at $386,491,000 after purchasing an additional 13,280 shares during the last quarter. Baer Investment Advisory LLC bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $2,589,000. Toronto Dominion Bank lifted its stake in Cadence Design Systems by 3.7% in the 4th quarter. Toronto Dominion Bank now owns 156,061 shares of the software maker’s stock valued at $46,890,000 after purchasing an additional 5,551 shares during the last quarter. Blue Sky Capital Consultants Group Inc. bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $267,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $26,266,000. 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.