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

Cadence Design Systems (NASDAQ:CDNS) had its price target cut by research analysts at Mizuho from $350.00 to $300.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Mizuho’s price target would suggest a potential upside of 15.71% from the company’s current price.

Several other brokerages also recently weighed in on CDNS. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday, February 19th. Loop Capital dropped their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. Robert W. Baird dropped their price objective 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. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. One investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $320.67.

Cadence Design Systems Trading Down 1.9 %

CDNS opened at $259.26 on Tuesday. The firm has a market cap of $71.12 billion, a P/E ratio of 67.17, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems has a 12 month low of $221.56 and a 12 month high of $328.99. The stock has a 50-day moving average of $259.01 and a 200 day moving average of $282.13. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for 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 forecast that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 1,950 shares of company stock worth $518,499 in the last 90 days. 0.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its position in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the period. M&T Bank Corp raised its position in Cadence Design Systems by 78.5% during the 3rd quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock worth $9,546,000 after buying an additional 15,491 shares during the last quarter. Advisory Resource Group lifted its stake in Cadence Design Systems by 20.9% during the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock valued at $1,009,000 after acquiring an additional 643 shares during the period. World Investment Advisors LLC boosted its holdings in shares of Cadence Design Systems by 656.3% in the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after acquiring an additional 6,471 shares during the last quarter. Finally, Arvest Bank Trust Division acquired a new stake in Cadence Design Systems during the 3rd quarter worth about $202,000. 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.