Needham & Company LLC Issues Positive Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its target price hoisted by equities researchers at Needham & Company LLC from $325.00 to $390.00 in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective indicates a potential upside of 5.11% from the company’s previous close.

Other analysts also recently issued reports about the stock. Bank of America lifted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Piper Sandler reiterated a “neutral” rating and issued a $355.00 target price (up previously from $328.00) on shares of Cadence Design Systems in a research report on Tuesday. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an “outperform” rating in a research report on Monday. KeyCorp reiterated an “overweight” rating and issued a $358.00 target price (up previously from $340.00) on shares of Cadence Design Systems in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $359.00.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $4.77 during trading hours on Tuesday, hitting $371.03. The stock had a trading volume of 3,882,105 shares, compared to its average volume of 2,091,702. Cadence Design Systems has a one year low of $221.56 and a one year high of $374.05. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The firm has a market capitalization of $101.31 billion, a price-to-earnings ratio of 100.28, a P/E/G ratio of 4.64 and a beta of 0.99. The company has a 50 day simple moving average of $310.57 and a two-hundred day simple moving average of $289.31.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 30.18%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm posted $1.28 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. Research analysts forecast that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. The trade was a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,085 shares of company stock worth $4,652,087. 0.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Cadence Design Systems by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock valued at $6,698,834,000 after purchasing an additional 429,955 shares in the last quarter. Jennison Associates LLC boosted its stake in Cadence Design Systems by 13.2% during the first 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 boosted its stake in Cadence Design Systems by 8.7% during the fourth 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 boosted its stake in Cadence Design Systems by 2.3% during the fourth 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, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Cadence Design Systems by 7.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock worth $1,202,733,000 after acquiring an additional 312,757 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.