Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $440.00

Cadence Design Systems (NASDAQ:CDNS) had its price target raised by Robert W. Baird from $420.00 to $440.00 in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other research analysts have also recently commented on the company. Bank of America upped their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Morgan Stanley reissued an “overweight” rating and set a $400.00 target price (up from $370.00) on shares of Cadence Design Systems in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $420.00 target price (up from $400.00) on shares of Cadence Design Systems in a research report on Wednesday, October 7th. Rothschild & Co Redburn upped their price target on Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Citigroup increased their price target on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems Trading Up 0.1%

Shares of CDNS opened at $342.75 on Tuesday. Cadence Design Systems has a 12-month low of $262.75 and a 12-month high of $416.69. The firm has a market capitalization of $94.39 billion, a P/E ratio of 54.88, a P/E/G ratio of 3.27 and a beta of 1.13. The firm has a 50-day moving average price of $320.24 and a 200 day moving average price of $327.26. The company has a current ratio of 1.36, a quick ratio of 1.53 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. Cadence Design Systems’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.93 earnings per share. Sell-side analysts forecast that Cadence Design Systems will post 6.65 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $285.51, for a total value of $51,391.80. Following the completion of the transaction, the director owned 7,824 shares in the company, valued at $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the company’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $324.13, for a total value of $648,260.00. Following the sale, the vice president directly owned 119,612 shares in the company, valued at $38,769,837.56. This represents a 1.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 8,960 shares of company stock valued at $2,834,139 in the last 90 days. Corporate insiders own 0.49% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Large investors have recently bought and sold shares of the stock. Van ECK Associates Corp increased its position in shares of Cadence Design Systems by 21.8% in the second quarter. Van ECK Associates Corp now owns 4,889,765 shares of the software maker’s stock valued at $1,835,227,000 after buying an additional 874,392 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Cadence Design Systems by 1.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,385,655 shares of the software maker’s stock worth $1,270,704,000 after buying an additional 48,937 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Cadence Design Systems by 1,097.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,818,141 shares of the software maker’s stock worth $930,522,000 after buying an additional 2,582,812 shares in the last quarter. Amundi boosted its position in shares of Cadence Design Systems by 3.8% in the 1st quarter. Amundi now owns 2,060,334 shares of the software maker’s stock worth $572,488,000 after buying an additional 75,492 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in Cadence Design Systems in the 2nd quarter valued at about $702,615,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.