Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $300.00 by Analysts at Mizuho

Cadence Design Systems (NASDAQ:CDNS) had its price objective cut by Mizuho from $350.00 to $300.00 in a report published on Tuesday morning, MarketBeat reports. They currently have an outperform rating on the software maker’s stock.

CDNS has been the subject of several other reports. Loop Capital lowered 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. Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Piper Sandler lifted their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $320.67.

Cadence Design Systems Stock Up 1.4 %

Shares of NASDAQ:CDNS opened at $264.31 on Tuesday. The firm has a market capitalization of $72.50 billion, a PE ratio of 68.47, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems has a 52-week low of $221.56 and a 52-week high of $328.99. The firm has a fifty day moving average of $259.82 and a 200 day moving average of $282.29.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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 analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, research analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 1,950 shares of company stock worth $518,499 in the last quarter. 1.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several large investors have recently made changes to their positions in the business. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth $28,000. Ancora Advisors LLC boosted its stake in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares in the last quarter. Avalon Trust Co purchased a new stake in Cadence Design Systems during the 4th quarter valued at about $39,000. Versant Capital Management Inc increased its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares in the last quarter. Finally, OFI Invest Asset Management purchased a new position in Cadence Design Systems in the fourth quarter worth about $46,000. 84.85% of the stock is currently owned by hedge funds and other 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.