Cadence Design Systems, Inc. (NASDAQ:CDNS) had its price objective hoisted by investment analysts at Royal Bank Of Canada from $39.00 to $45.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 9.73% from the company’s current price.

CDNS has been the subject of a number of other research reports. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, July 27th. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Bank of America Corporation lifted their target price on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Finally, Credit Suisse Group reaffirmed an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Cadence Design Systems presently has a consensus rating of “Buy” and a consensus price target of $35.60.

Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 41.01 on Wednesday. Cadence Design Systems has a 52-week low of $24.15 and a 52-week high of $41.14. The firm has a 50-day moving average price of $38.69 and a 200-day moving average price of $35.20. The firm has a market capitalization of $11.49 billion, a P/E ratio of 47.69 and a beta of 0.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The business had revenue of $479.00 million during the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. Cadence Design Systems’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. On average, equities research analysts anticipate that Cadence Design Systems will post $1.39 EPS for the current year.

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In other news, CFO Geoffrey G. Ribar sold 15,000 shares of Cadence Design Systems stock in a transaction on Monday, August 28th. The shares were sold at an average price of $37.55, for a total transaction of $563,250.00. Following the transaction, the chief financial officer now directly owns 184,413 shares of the company’s stock, valued at $6,924,708.15. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Geoffrey G. Ribar sold 35,000 shares of Cadence Design Systems stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $37.31, for a total transaction of $1,305,850.00. Following the transaction, the chief financial officer now directly owns 204,413 shares in the company, valued at $7,626,649.03. The disclosure for this sale can be found here. Insiders have sold a total of 316,286 shares of company stock valued at $11,395,640 in the last ninety days. Company insiders own 2.55% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Cadence Design Systems by 2.2% during the second quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after purchasing an additional 516,100 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Cadence Design Systems by 73,454.0% during the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after purchasing an additional 20,673,635 shares in the last quarter. State Street Corp boosted its position in shares of Cadence Design Systems by 1.2% during the second quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock worth $304,935,000 after purchasing an additional 108,305 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Cadence Design Systems by 48.1% during the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock worth $149,811,000 after purchasing an additional 1,549,905 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in shares of Cadence Design Systems by 2.7% during the second quarter. Pictet Asset Management Ltd. now owns 4,191,828 shares of the software maker’s stock worth $147,301,000 after purchasing an additional 108,344 shares in the last quarter. 84.27% of the stock is currently owned by institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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