Loop Capital Cuts Cadence Design Systems (NASDAQ:CDNS) Price Target to $340.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective reduced by Loop Capital from $360.00 to $340.00 in a research report released on Wednesday morning,Benzinga reports. Loop Capital currently has a buy rating on the software maker’s stock.

A number of other research firms have also recently commented on CDNS. Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Bank of America dropped their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Needham & Company LLC restated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Wednesday. Finally, Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $258.27 on Wednesday. The stock has a 50-day simple moving average of $301.51 and a two-hundred day simple moving average of $286.95. The firm has a market capitalization of $70.83 billion, a P/E ratio of 66.91, a PEG ratio of 3.17 and a beta of 1.03. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. 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 (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. On average, equities analysts forecast that Cadence Design Systems will post 5.57 earnings per share for the current year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems 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 directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % 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 valued at $33,538,875. 1.99% of the stock is currently owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Norges Bank purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. Schroder Investment Management Group raised its position in Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares during the period. FMR LLC raised its position in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the period. Alliancebernstein L.P. raised its position in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Cadence Design Systems by 25.8% in the fourth 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 period. Hedge funds and other 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.