Cadence Design Systems (NASDAQ:CDNS) Given New $390.00 Price Target at Loop Capital

Cadence Design Systems (NASDAQ:CDNS) had its price objective lifted by Loop Capital from $370.00 to $390.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $300.00 target price on shares of Cadence Design Systems in a research report on Friday, July 25th. Needham & Company LLC raised their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a “buy” rating in a research report on Tuesday. Mizuho raised their target price on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a research report on Tuesday. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, KeyCorp raised their target price on shares of Cadence Design Systems from $358.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $359.00.

Cadence Design Systems Trading Up 9.7%

Shares of CDNS opened at $366.26 on Tuesday. The stock has a market capitalization of $100.00 billion, a P/E ratio of 98.99, a PEG ratio of 4.64 and a beta of 0.99. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The firm has a fifty day simple moving average of $310.57 and a two-hundred day simple moving average of $289.31. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $370.61.

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

Insider Activity

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the firm’s 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 completion of the sale, the director directly owned 8,010 shares in the company, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer owned 209,548 shares of the company’s stock, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,085 shares of company stock valued at $4,652,087 in the last quarter. 0.37% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of CDNS. GAMMA Investing LLC increased its stake in Cadence Design Systems by 31,049.1% during the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after purchasing an additional 1,214,330 shares in the last quarter. Nuveen LLC bought a new stake in shares of Cadence Design Systems in the first quarter worth approximately $289,744,000. Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 13.2% in 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 during the period. Assenagon Asset Management S.A. grew its stake in shares of Cadence Design Systems by 466.4% in the second quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker’s stock worth $242,468,000 after acquiring an additional 647,931 shares during the period. Finally, FMR LLC grew its stake in shares of Cadence Design Systems by 8.7% in 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 during the period. 84.85% of the stock is currently 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.