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

Cadence Design Systems (NASDAQ:CDNS) had its price target upped by equities researchers at KeyCorp from $335.00 to $340.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target indicates a potential upside of 11.17% from the company’s current price.

Other equities analysts have also recently issued reports about the company. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Wednesday, March 6th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Piper Sandler began coverage on Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective on the stock. Finally, Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their price target for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $314.10.

Cadence Design Systems Price Performance

CDNS stock opened at $305.85 on Monday. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The stock has a market cap of $83.26 billion, a price-to-earnings ratio of 80.07, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. The business has a fifty day moving average of $306.47 and a two-hundred day moving average of $278.30.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.75 EPS. As a group, research analysts anticipate that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO John M. Wall sold 36,000 shares of the business’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $277.46, for a total value of $9,988,560.00. Following the transaction, the chief financial officer now owns 80,594 shares in the company, valued at $22,361,611.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders sold 212,044 shares of company stock worth $63,106,522 over the last three months. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors have recently modified their holdings of the stock. OFI Invest Asset Management bought a new position in Cadence Design Systems during the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. boosted its holdings in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the period. Harbour Investments Inc. increased its stake in Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after purchasing an additional 39 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Finally, Quarry LP boosted its holdings in shares of Cadence Design Systems by 550.0% in the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after buying an additional 88 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.