Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $322.00

Cadence Design Systems (NASDAQ:CDNS) had its price target boosted by Robert W. Baird from $302.00 to $322.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

CDNS has been the topic of a number of other research reports. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Rosenblatt Securities lowered Cadence Design Systems from a buy rating to a neutral rating and increased their price target for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Piper Sandler assumed coverage on Cadence Design Systems in a research note on Thursday, April 4th. They set a neutral rating and a $334.00 price target on the stock. Morgan Stanley raised Cadence Design Systems from an equal weight rating to an overweight rating and increased their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, KeyCorp increased their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has an average rating of Moderate Buy and an average price target of $318.10.

Cadence Design Systems Stock Performance

CDNS opened at $280.25 on Thursday. The stock has a market cap of $76.30 billion, a P/E ratio of 73.36, a P/E/G ratio of 3.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock’s 50 day simple moving average is $305.52 and its 200 day simple moving average is $280.05. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.75 EPS. As a group, equities analysts anticipate that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is currently owned by company insiders.

Institutional Trading of Cadence Design Systems

Several large investors have recently added to or reduced their stakes in CDNS. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the 3rd quarter valued at $26,000. Valley National Advisers Inc. increased 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 valued at $26,000 after purchasing an additional 47 shares in the last quarter. Harbour Investments Inc. increased its holdings in Cadence Design Systems by 66.1% in the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after purchasing an additional 39 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $28,000. Finally, Quarry LP grew its stake in shares of Cadence Design Systems by 550.0% during the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after acquiring an additional 88 shares in the last quarter. 84.85% of the stock is currently 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.