Cadence Design Systems (NASDAQ:CDNS) Given New $295.00 Price Target at Rosenblatt Securities

Cadence Design Systems (NASDAQ:CDNS) had its target price increased by Rosenblatt Securities from $280.00 to $295.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

CDNS has been the subject of several other research reports. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Mizuho upped their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $327.33.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $274.04 on Wednesday. The firm has a market capitalization of $75.16 billion, a price-to-earnings ratio of 71.93, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm has a fifty day moving average of $302.96 and a 200-day moving average of $287.16.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. On average, equities research analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank boosted its position in Cadence Design Systems by 3.7% during the fourth quarter. Toronto Dominion Bank now owns 156,061 shares of the software maker’s stock worth $46,890,000 after purchasing an additional 5,551 shares during the period. Blue Sky Capital Consultants Group Inc. bought a new position in Cadence Design Systems during the fourth quarter worth $267,000. GF Fund Management CO. LTD. bought a new position in Cadence Design Systems during the fourth quarter worth $26,266,000. Vega Investment Solutions bought a new position in Cadence Design Systems during the fourth quarter worth $521,000. Finally, Fourth Dimension Wealth LLC bought a new position in Cadence Design Systems during the fourth quarter worth $111,000. 84.85% of the stock is owned by institutional investors.

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.