Cadence Design Systems (NASDAQ:CDNS) PT Raised to $341.00 at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its price objective increased by analysts at Robert W. Baird from $322.00 to $341.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target would suggest a potential upside of 9.67% from the company’s previous close.

A number of other research firms have also weighed in on CDNS. Piper Sandler lowered their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Wells Fargo & Company upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Finally, Bank of America upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems Stock Up 1.0 %

Shares of NASDAQ CDNS opened at $310.92 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The firm has a market capitalization of $84.70 billion, a price-to-earnings ratio of 80.97, a PEG ratio of 3.77 and a beta of 1.03. The stock has a 50 day moving average price of $294.50 and a 200 day moving average price of $293.96. Cadence Design Systems has a 52-week low of $217.77 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s quarterly revenue 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. Sell-side analysts expect that Cadence Design Systems will post 4.77 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the sale, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The disclosure for this sale can be found here. Insiders have sold a total of 39,534 shares of company stock valued at $11,735,433 in the last ninety days. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the period. Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 shares in the last quarter. Norges Bank purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth about $1,141,059,000. Nordea Investment Management AB boosted its stake in shares of Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after acquiring an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 25.4% during the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock worth $618,330,000 after acquiring an additional 402,884 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

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.