Cadence Design Systems (NASDAQ:CDNS) PT Raised to $341.00

Cadence Design Systems (NASDAQ:CDNS) had its price target raised by Robert W. Baird from $322.00 to $341.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective points to a potential upside of 8.09% from the company’s current price.

A number of other analysts have also commented on the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Piper Sandler lowered their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Bank of America upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $334.89.

Cadence Design Systems Price Performance

Shares of CDNS opened at $315.47 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a 50 day simple moving average of $295.72 and a 200 day simple moving average of $294.56. Cadence Design Systems has a 52-week low of $217.77 and a 52-week high of $328.99. The firm has a market capitalization of $85.94 billion, a PE ratio of 82.15, a P/E/G ratio of 3.77 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 EPS. Sell-side analysts predict that Cadence Design Systems will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,134 shares of company stock worth $14,978,483. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds have recently added to or reduced their stakes in the business. Ulland Investment Advisors LLC purchased a new position in Cadence Design Systems in the 1st quarter valued at about $25,000. RiverPark Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at approximately $26,000. Valley National Advisers Inc. raised its position in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems in the fourth quarter worth $28,000. Finally, Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth $32,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.