Cadence Design Systems (NASDAQ:CDNS) PT Lowered to $75.00

Cadence Design Systems (NASDAQ:CDNS) had its target price decreased by analysts at JPMorgan Chase & Co. from $78.00 to $75.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm currently has a “neutral” rating on the software maker’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 14.05% from the stock’s previous close.

Several other analysts have also recently commented on CDNS. Credit Suisse Group upped their target price on Cadence Design Systems from $62.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, July 23rd. ValuEngine cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Co assumed coverage on Cadence Design Systems in a report on Tuesday, May 14th. They issued a “market perform” rating on the stock. DA Davidson upped their target price on Cadence Design Systems to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 3rd. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $67.25.

Shares of Cadence Design Systems stock traded down $0.39 on Wednesday, hitting $65.76. The stock had a trading volume of 38,961 shares, compared to its average volume of 1,759,077. The stock has a 50 day moving average of $70.11 and a 200 day moving average of $67.27. Cadence Design Systems has a twelve month low of $39.08 and a twelve month high of $77.08. The firm has a market capitalization of $18.53 billion, a P/E ratio of 53.60, a PEG ratio of 4.43 and a beta of 1.18. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.52 and a current ratio of 1.60.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The business had revenue of $580.42 million for the quarter, compared to analysts’ expectations of $579.41 million. During the same period in the prior year, the business posted $0.45 earnings per share. The firm’s revenue was up 12.0% on a year-over-year basis. Equities analysts expect that Cadence Design Systems will post 1.48 earnings per share for the current year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $67.80, for a total transaction of $2,712,000.00. Following the transaction, the chief executive officer now directly owns 899,852 shares in the company, valued at approximately $61,009,965.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Surendra Babu Mandava sold 4,027 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $70.60, for a total value of $284,306.20. Following the transaction, the vice president now owns 299,760 shares in the company, valued at $21,163,056. The disclosure for this sale can be found here. Insiders have sold a total of 168,936 shares of company stock worth $11,956,304 over the last 90 days. Company insiders own 2.34% of the company’s stock.

Several institutional investors have recently bought and sold shares of CDNS. Keudell Morrison Wealth Management acquired a new position in shares of Cadence Design Systems during the second quarter worth approximately $3,226,000. Treasurer of the State of North Carolina raised its position in shares of Cadence Design Systems by 0.4% during the second quarter. Treasurer of the State of North Carolina now owns 116,038 shares of the software maker’s stock worth $8,217,000 after purchasing an additional 470 shares during the period. BlackRock Inc. raised its position in shares of Cadence Design Systems by 11.0% during the second quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock worth $1,615,142,000 after purchasing an additional 2,264,949 shares during the period. Natixis raised its position in shares of Cadence Design Systems by 265.7% during the second quarter. Natixis now owns 30,789 shares of the software maker’s stock worth $2,180,000 after purchasing an additional 22,370 shares during the period. Finally, Barings LLC raised its position in shares of Cadence Design Systems by 186.1% during the second quarter. Barings LLC now owns 39,200 shares of the software maker’s stock worth $2,776,000 after purchasing an additional 25,500 shares during the period. Hedge funds and other institutional investors own 86.68% 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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