Cadence Design Systems (NASDAQ:CDNS) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Cadence Design Systems (NASDAQ:CDNS) had its price target boosted by research analysts at Stifel Nicolaus from $350.00 to $395.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Stifel Nicolaus’ target price points to a potential upside of 6.46% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Mizuho boosted their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a report on Tuesday. Piper Sandler reiterated a “neutral” rating and set a $355.00 price objective (up previously from $328.00) on shares of Cadence Design Systems in a research note on Tuesday. Bank of America boosted their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Finally, Wall Street Zen lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $359.00.

Cadence Design Systems Trading Up 1.3%

NASDAQ:CDNS opened at $371.03 on Tuesday. 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 0.49, a quick ratio of 2.90 and a current ratio of 2.82. The firm has a market cap of $101.31 billion, a P/E ratio of 100.28, a P/E/G ratio of 5.09 and a beta of 0.99. The firm has a 50-day simple moving average of $311.64 and a 200-day simple moving average of $289.87.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business posted $1.28 EPS. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president owned 105,499 shares in the company, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,435 shares of company stock worth $4,455,137. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

Several large investors have recently made changes to their positions in the business. Petros Family Wealth LLC boosted its holdings in shares of Cadence Design Systems by 2.6% in the 2nd quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker’s stock valued at $394,000 after acquiring an additional 32 shares during the last quarter. Hemington Wealth Management boosted its holdings in shares of Cadence Design Systems by 14.0% in the 2nd quarter. Hemington Wealth Management now owns 261 shares of the software maker’s stock valued at $80,000 after acquiring an additional 32 shares during the last quarter. Legacy Capital Wealth Partners LLC boosted its holdings in shares of Cadence Design Systems by 2.8% in the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker’s stock valued at $309,000 after acquiring an additional 33 shares during the last quarter. Accredited Investors Inc. boosted its holdings in shares of Cadence Design Systems by 1.7% in the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock valued at $654,000 after acquiring an additional 36 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its holdings in shares of Cadence Design Systems by 4.1% in the 1st quarter. Empower Advisory Group LLC now owns 911 shares of the software maker’s stock valued at $232,000 after acquiring an additional 36 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.