Oppenheimer Issues Pessimistic Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its price target decreased by Oppenheimer from $225.00 to $200.00 in a research report sent to investors on Wednesday,Benzinga reports. Oppenheimer currently has an underperform rating on the software maker’s stock.

CDNS has been the topic of several other research reports. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Loop Capital dropped 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 note on Wednesday, February 19th. Finally, Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $324.83.

Cadence Design Systems Stock Up 1.5 %

Shares of NASDAQ:CDNS opened at $262.42 on Wednesday. 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 firm has a market cap of $71.93 billion, a P/E ratio of 67.98, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems has a 12 month low of $230.09 and a 12 month high of $328.99. The company’s 50-day moving average price is $278.01 and its two-hundred day moving average price is $283.79.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, research analysts forecast that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in Cadence Design Systems during the fourth quarter worth about $1,170,209,000. Schroder Investment Management Group boosted its stake in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock worth $623,105,000 after acquiring an additional 716,041 shares during the period. FMR LLC increased its holdings in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Alliancebernstein L.P. raised its stake in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after acquiring an additional 632,175 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Cadence Design Systems by 25.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock valued at $882,655,000 after purchasing an additional 601,834 shares during the last quarter. Institutional investors 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.