Rosenblatt Securities Raises Cadence Design Systems (NASDAQ:CDNS) Price Target to $295.00

Cadence Design Systems (NASDAQ:CDNS) had its price target lifted by analysts at Rosenblatt Securities from $280.00 to $295.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 9.10% from the company’s current price.

A number of other research firms also recently weighed in on CDNS. Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $270.39 on Wednesday. Cadence Design Systems has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market capitalization of $74.16 billion, a PE ratio of 70.05, a PEG ratio of 3.48 and a beta of 1.03. The company’s 50 day moving average price is $302.27 and its 200 day moving average price is $287.07.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 30.20%. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Research analysts expect that Cadence Design Systems will post 5.57 EPS for the current fiscal year.

Insider Activity

In other news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the transaction, the chief financial officer now directly owns 29,248 shares in the company, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after acquiring an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. increased its position in shares of Cadence Design Systems by 50.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares during the period. Meridiem Investment Management Ltd. raised its stake in shares of Cadence Design Systems by 64.3% in the fourth quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after purchasing an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 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.