Cadence Design Systems (NASDAQ:CDNS) PT Raised to $322.00

Cadence Design Systems (NASDAQ:CDNS) had its price target hoisted by equities researchers at Robert W. Baird from $302.00 to $322.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective would suggest a potential upside of 9.63% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday. Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $318.10.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $293.71 on Thursday. The company’s 50 day simple moving average is $306.58 and its 200 day simple moving average is $279.35. The stock has a market capitalization of $79.96 billion, a price-to-earnings ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems has a 1 year low of $194.01 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 earnings per share. As a group, research analysts predict that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold a total of 177,544 shares of company stock valued at $53,581,207 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CDNS. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $26,000. Valley National Advisers Inc. raised its position in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares in the last quarter. Harbour Investments Inc. raised its position in shares of Cadence Design Systems by 66.1% during the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after buying an additional 39 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the 4th quarter valued at $28,000. Finally, Quarry LP raised its position in shares of Cadence Design Systems by 550.0% during the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after buying an additional 88 shares in the last quarter. 84.85% of the stock is owned by 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.