Cadence Design Systems (NASDAQ:CDNS) Given New $335.00 Price Target at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its price objective lowered by Robert W. Baird from $340.00 to $335.00 in a research note published on Thursday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

A number of other research firms have also recently weighed in on CDNS. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Loop Capital dropped their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Down 1.3 %

Cadence Design Systems stock opened at $270.39 on Thursday. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market cap of $74.16 billion, a PE ratio of 70.05, a P/E/G ratio of 3.48 and a beta of 1.03. The stock’s fifty day moving average is $302.27 and its two-hundred day moving average is $287.07.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share 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 30.20%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, sell-side analysts expect that Cadence Design Systems will post 5.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the firm’s 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 sale, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 over the last quarter. 1.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds have recently added to or reduced their stakes in CDNS. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $28,000. Golden State Wealth Management LLC acquired a new stake in shares of Cadence Design Systems during the 4th quarter valued at approximately $28,000. Ancora Advisors LLC lifted its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after acquiring an additional 112 shares during the period. Finally, Avalon Trust Co purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

About Cadence Design Systems

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.