Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $430.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective boosted by Needham & Company LLC from $400.00 to $430.00 in a report issued on Tuesday, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the software maker’s stock.

A number of other equities research analysts have also issued reports on the company. The Goldman Sachs Group lifted their target price on Cadence Design Systems from $410.00 to $470.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Weiss Ratings raised Cadence Design Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 22nd. Robert W. Baird upped their price target on Cadence Design Systems from $420.00 to $440.00 and gave the stock an “outperform” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. Finally, Oppenheimer reiterated a “market perform” rating and issued a $300.00 price objective (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $410.05.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $342.75 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.53 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $94.39 billion, a P/E ratio of 54.88, a PEG ratio of 3.27 and a beta of 1.13. The business has a 50-day moving average of $320.24 and a 200-day moving average of $327.26. Cadence Design Systems has a 1 year low of $262.75 and a 1 year high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping the consensus estimate of $2.05 by $0.06. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. The firm’s revenue was up 22.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 EPS. On average, equities analysts anticipate that Cadence Design Systems will post 6.65 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $350.07, for a total value of $437,587.50. Following the sale, the director owned 39,544 shares in the company, valued at $13,843,168.08. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $277.12, for a total value of $554,240.00. Following the completion of the sale, the vice president directly owned 121,793 shares of the company’s stock, valued at approximately $33,751,276.16. The trade was a 1.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 8,960 shares of company stock worth $2,834,139. Company insiders own 0.49% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of large investors have recently added to or reduced their stakes in the business. Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the second quarter valued at $30,000. Fiduciary Financial Advisors acquired a new position in Cadence Design Systems in the 2nd quarter valued at about $31,000. Arlington Trust Co LLC raised its holdings in Cadence Design Systems by 154.3% in the 2nd quarter. Arlington Trust Co LLC now owns 89 shares of the software maker’s stock valued at $33,000 after acquiring an additional 54 shares during the period. Burkett Financial Services LLC bought a new stake in shares of Cadence Design Systems during the third quarter worth approximately $30,000. Finally, Whipplewood Advisors LLC boosted its holdings in shares of Cadence Design Systems by 933.3% during the first quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker’s stock worth $26,000 after acquiring an additional 84 shares during the period. 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.