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

Cadence Design Systems (NASDAQ:CDNS) had its target price boosted by equities researchers at Robert W. Baird from $302.00 to $322.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target would indicate a potential upside of 14.90% from the company’s previous close.

Several other analysts also recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Piper Sandler began coverage on Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price on the stock. Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their target price for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Stifel Nicolaus raised their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Stock Down 2.0 %

NASDAQ CDNS opened at $280.25 on Thursday. The stock’s 50-day moving average price is $305.52 and its 200-day moving average price is $279.70. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a market capitalization of $76.29 billion, a P/E ratio of 73.36, a price-to-earnings-growth ratio of 3.57 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 earnings per share. On average, equities research analysts predict that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 177,544 shares of company stock worth $53,581,207. 1.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently bought and sold shares of the business. Teamwork Financial Advisors LLC boosted its holdings in Cadence Design Systems by 40.0% during the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock valued at $10,942,000 after acquiring an additional 10,037 shares during the period. Marshall Financial Group LLC boosted its holdings in Cadence Design Systems by 6.0% during the 1st quarter. Marshall Financial Group LLC now owns 4,656 shares of the software maker’s stock valued at $1,449,000 after acquiring an additional 264 shares during the period. ZRC Wealth Management LLC purchased a new position in Cadence Design Systems during the 1st quarter valued at $74,000. First Trust Direct Indexing L.P. boosted its holdings in Cadence Design Systems by 13.5% during the 1st quarter. First Trust Direct Indexing L.P. now owns 5,978 shares of the software maker’s stock valued at $1,861,000 after acquiring an additional 713 shares during the period. Finally, Westside Investment Management Inc. purchased a new position in Cadence Design Systems during the 1st quarter valued at $125,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.