Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $340.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective boosted by Robert W. Baird from $332.00 to $340.00 in a research report report published on Tuesday, Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

A number of other research analysts have also recently issued reports on CDNS. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Berenberg Bank started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Mizuho started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $323.17.

Cadence Design Systems Stock Down 4.8 %

NASDAQ CDNS opened at $276.12 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average is $267.02 and its two-hundred day moving average is $281.99. The company has a market capitalization of $75.61 billion, a price-to-earnings ratio of 72.47, a PEG ratio of 3.03 and a beta of 1.02. Cadence Design Systems has a 1-year low of $233.51 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. Cadence Design Systems’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems will post 4.73 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now directly owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,697 shares of company stock valued at $7,555,216 in the last quarter. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the 1st quarter worth about $26,000. ORG Partners LLC lifted its position in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. Hollencrest Capital Management lifted its position in Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares in the last quarter. Chilton Capital Management LLC lifted its position in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after buying an additional 123 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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.