Cadence Design Systems, Inc. (NASDAQ:CDNS) had its price target hoisted by equities research analysts at Royal Bank Of Canada from $39.00 to $45.00 in a note issued to investors on Wednesday. The brokerage presently has an “outperform” rating on the software maker’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 9.73% from the company’s current price.

A number of other analysts have also weighed in on the company. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Thursday, July 27th. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Bank of America Corporation increased their target price on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Finally, Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $35.60.

Cadence Design Systems (NASDAQ:CDNS) opened at 41.01 on Wednesday. Cadence Design Systems has a 1-year low of $24.15 and a 1-year high of $41.14. The firm’s 50 day moving average is $38.69 and its 200 day moving average is $35.20. The stock has a market capitalization of $11.49 billion, a P/E ratio of 47.69 and a beta of 0.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The business had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 EPS. On average, equities research analysts anticipate that Cadence Design Systems will post $1.39 earnings per share for the current year.

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In related news, VP James J. Cowie sold 5,036 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $37.21, for a total transaction of $187,389.56. Following the sale, the vice president now owns 82,082 shares of the company’s stock, valued at $3,054,271.22. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Geoffrey G. Ribar sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $36.88, for a total value of $184,400.00. Following the sale, the chief financial officer now directly owns 174,413 shares in the company, valued at approximately $6,432,351.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 316,286 shares of company stock worth $11,395,640. 2.55% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of CDNS. Janus Henderson Group PLC boosted its position in Cadence Design Systems by 73,454.0% during the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after purchasing an additional 20,673,635 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Cadence Design Systems by 48.1% during the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock valued at $149,811,000 after purchasing an additional 1,549,905 shares in the last quarter. AJO LP boosted its position in Cadence Design Systems by 416.3% during the second quarter. AJO LP now owns 1,757,187 shares of the software maker’s stock valued at $58,848,000 after purchasing an additional 1,416,833 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Cadence Design Systems during the first quarter valued at about $38,468,000. Finally, Prudential Financial Inc. boosted its position in Cadence Design Systems by 226.0% during the second quarter. Prudential Financial Inc. now owns 1,721,641 shares of the software maker’s stock valued at $57,658,000 after purchasing an additional 1,193,576 shares in the last quarter. 84.27% of the stock is currently owned by institutional investors.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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