Cadence Design Systems (NASDAQ:CDNS) Receives Neutral Rating from Piper Sandler

Cadence Design Systems (NASDAQ:CDNS – Get Free Report)‘s stock was given a “neutral” rating by Piper Sandler in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $318.00 price target for the software maker’s stock. Piper Sandler’s price target indicates a potential upside of 0.87% from the current stock price.

CDNS was the subject of several other research reports. KeyCorp raised their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17. Bank of America raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22. Three equities research analysts have rated the stock a “hold” and seven have given the stock a “buy” rating. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

Get our latest CDNS analysis

Cadence Design Systems sees a 0.7% decline

CDNS stock opened at $315.26 on Wednesday. Cadence Design Systems has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a current ratio of 1.32, a current ratio of 1.19 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $299.50 and its 200 day moving average is $296.07. The stock has a market capitalization of $85.88 billion, a P/E ratio of 82.10, a P/E/G ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its financial results on Monday, April 22. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the company reported earnings per share of $1.02. The company’s quarterly revenue declined 1.2% year-over-year. Research analysts expect Cadence Design Systems to report earnings per share of $4.77 for the current year.

Internal Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Friday, June 14. The shares were sold for an average price of $309.09, for a total value of $463,635.00. Following the sale, the director now directly owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The sale was disclosed in legal documents filed with the SEC, which can be accessed through this hyperlink . In other Cadence Design Systems news, Vice President Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction on Thursday, June 6. The shares were sold for an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in legal documents filed with the SEC, which can be accessed through this hyperlink . Additionally, Vincentelli Albert Sangiovanni, a director, sold 1,500 shares of the company’s stock in a transaction dated Friday, June 14. The shares were sold at an average price of $309.09, for a total transaction value of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares of the company’s stock, valued at $14,852,083.59. Disclosure regarding this sale can be found here . In the last quarter, insiders sold 50,134 shares of the company’s stock valued at $14,978,483. 0.62% of the outstanding shares are owned by insiders.

Institutional trading of Cadence Design systems

Large investors have recently changed their positions in the business. Creative Planning increased its holdings in Cadence Design Systems by 6.5% in the 3rd quarter. Creative Planning now owns 24,251 shares of the software maker’s stock worth $5,682,000 after purchasing an additional 1,488 shares in the last quarter. Comerica Bank purchased a new stake in Cadence Design Systems in the 3rd quarter worth approximately $18,152,000. Oak Grove Capital LLC purchased a new stake in Cadence Design Systems in the 3rd quarter worth approximately $211,000. EP Wealth Advisors LLC increased its position in shares of Cadence Design Systems by 7.4% in the 3rd quarter. EP Wealth Advisors LLC now owns 2,231 shares of the software maker’s stock worth $523,000 after purchasing an additional 154 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the period. 84.85% of the shares are now owned by institutional investors.

Cadence Design Systems Company Profile

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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 offerings include JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for IC verification.

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