Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $300.00

Cadence Design Systems (NASDAQ:CDNS) had its price target upped by Rosenblatt Securities from $295.00 to $300.00 in a research note released on Tuesday,Benzinga reports. Rosenblatt Securities currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also recently weighed in on the stock. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Robert W. Baird reduced their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Redburn Atlantic began coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the company 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, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $322.54.

Cadence Design Systems Trading Up 0.7 %

CDNS stock opened at $299.73 on Tuesday. The company has a market cap of $82.22 billion, a price-to-earnings ratio of 77.65, a PEG ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $257.13 and a 200-day simple moving average of $282.53. Cadence Design Systems has a 52 week low of $221.56 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.17 earnings per share. On average, equities research analysts expect that Cadence Design Systems will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. This represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,840 shares of company stock valued at $1,980,999 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares during the period. Advisory Resource Group lifted its holdings in Cadence Design Systems by 20.9% in the third quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock worth $1,009,000 after acquiring an additional 643 shares during the last quarter. World Investment Advisors LLC boosted its stake in Cadence Design Systems by 656.3% in the third quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after acquiring an additional 6,471 shares during the period. Arvest Bank Trust Division bought a new position in shares of Cadence Design Systems during the third quarter valued at approximately $202,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $2,225,000. 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.