Cadence Design Systems (NASDAQ:CDNS) PT Raised to $355.00

Cadence Design Systems (NASDAQ:CDNS) had its price target upped by equities research analysts at KeyCorp from $350.00 to $355.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. KeyCorp’s target price points to a potential upside of 15.35% from the stock’s previous close.

A number of other research analysts have also recently commented on CDNS. Piper Sandler reduced their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Bank of America boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Robert W. Baird boosted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $332.78.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $307.75 on Thursday. The company has a market cap of $83.84 billion, a P/E ratio of 80.14, a P/E/G ratio of 3.79 and a beta of 1.04. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a 52 week low of $217.77 and a 52 week high of $328.99. The business has a fifty day simple moving average of $294.50 and a 200-day simple moving average of $293.70.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 earnings per share. Equities research analysts forecast that Cadence Design Systems will post 4.77 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the transaction, the vice president now directly owns 68,144 shares of the company’s stock, valued at $21,155,986.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold 41,134 shares of company stock worth $12,232,169 over the last quarter. 1.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ulland Investment Advisors LLC bought a new position in Cadence Design Systems in the 1st quarter worth approximately $25,000. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares in the last quarter. RiverPark Advisors LLC bought a new position in Cadence Design Systems in the 1st quarter worth approximately $26,000. Fortitude Family Office LLC bought a new position in Cadence Design Systems in the 4th quarter worth approximately $28,000. Finally, Annapolis Financial Services LLC bought a new position in Cadence Design Systems in the 1st quarter worth approximately $32,000. 84.85% of the stock is owned by institutional investors.

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.