Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $325.00 at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its price objective raised by Robert W. Baird from $293.00 to $325.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

Several other research firms have also weighed in on CDNS. 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. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Bank of America cut their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday. Finally, Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $322.54.

Cadence Design Systems Trading Up 0.7 %

Cadence Design Systems stock opened at $299.73 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a 50-day moving average of $257.13 and a 200-day moving average of $282.53. The company has a market cap of $82.22 billion, a price-to-earnings ratio of 77.65, a P/E/G ratio of 3.88 and a beta of 1.14. Cadence Design Systems has a one year low of $221.56 and a one year high of $328.99.

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

Insider Buying and Selling

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares in the company, valued at $8,532,600. The trade was a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,840 shares of company stock valued at $1,980,999 over the last 90 days. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CDNS. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Advisory Resource Group grew its position 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 valued at $1,009,000 after acquiring an additional 643 shares during the last quarter. World Investment Advisors LLC raised its stake in Cadence Design Systems by 656.3% during the third quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock worth $2,021,000 after acquiring an additional 6,471 shares in the last quarter. Arvest Bank Trust Division bought a new position in shares of Cadence Design Systems in the third quarter worth about $202,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $2,225,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.