Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $375.00

Cadence Design Systems (NASDAQ:CDNS) had its price target hoisted by investment analysts at Mizuho from $360.00 to $375.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Mizuho’s target price would suggest a potential upside of 1.07% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and issued a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Robert W. Baird boosted their price target on Cadence Design Systems from $340.00 to $380.00 and gave the stock an “outperform” rating in a report on Monday. The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday, July 10th. They set a “buy” rating and a $380.00 price target for the company. Finally, Wells Fargo & Company boosted their price target on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $359.00.

Cadence Design Systems Stock Performance

CDNS opened at $371.03 on Tuesday. The business has a fifty day simple moving average of $311.64 and a 200 day simple moving average of $289.87. The company has a market capitalization of $101.31 billion, a PE ratio of 100.28, a price-to-earnings-growth ratio of 5.09 and a beta of 0.99. Cadence Design Systems has a 1 year low of $221.56 and a 1 year high of $374.05. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) 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 the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.28 EPS. Research analysts expect that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, Director James D. Plummer sold 868 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director owned 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer directly owned 209,548 shares of the company’s stock, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,435 shares of company stock worth $4,455,137. Corporate insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Vanguard Group Inc. grew its stake in Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock worth $6,698,834,000 after purchasing an additional 429,955 shares during the period. Jennison Associates LLC grew 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 purchasing an additional 1,054,702 shares during the period. FMR LLC grew 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 purchasing an additional 639,146 shares during the period. Geode Capital Management LLC grew 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 purchasing an additional 135,251 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew 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 purchasing an additional 312,757 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.