Loop Capital Boosts Cadence Design Systems (NASDAQ:CDNS) Price Target to $370.00

Cadence Design Systems (NASDAQ:CDNS) had its target price upped by equities research analysts at Loop Capital from $340.00 to $370.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Loop Capital’s price target points to a potential upside of 16.34% from the company’s current price.

A number of other brokerages have also recently commented on CDNS. Rosenblatt Securities raised their price objective on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, April 29th. The Goldman Sachs Group began coverage on Cadence Design Systems in a research report on Thursday, July 10th. They set a “buy” rating and a $380.00 target price on the stock. Bank of America lifted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, Oppenheimer cut their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $330.07.

Cadence Design Systems Price Performance

Shares of CDNS opened at $318.04 on Monday. The company has a market capitalization of $86.84 billion, a price-to-earnings ratio of 80.52, a price-to-earnings-growth ratio of 4.40 and a beta of 0.99. The business has a 50-day moving average of $308.23 and a 200-day moving average of $287.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. Cadence Design Systems has a 1 year low of $221.56 and a 1 year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the company posted $1.17 earnings per share. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock worth $6,114,587 in the last 90 days. 0.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock worth $6,698,834,000 after acquiring an additional 429,955 shares in the last quarter. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock worth $2,305,489,000 after acquiring an additional 1,054,702 shares in the last quarter. FMR LLC raised its position in shares of Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after acquiring an additional 639,146 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after acquiring an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after acquiring an additional 632,175 shares in the last quarter. 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.