Cadence Design Systems (NASDAQ:CDNS) PT Raised to $340.00

Cadence Design Systems (NASDAQ:CDNS) had its target price raised by equities research analysts at KeyCorp from $335.00 to $340.00 in a report released on Monday, Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. KeyCorp’s target price would indicate a potential upside of 13.03% from the stock’s current price.

Several other research analysts also recently weighed in on CDNS. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Robert W. Baird boosted their price target on Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a report on Tuesday, February 6th. Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Finally, StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $316.10.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $300.81 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The firm has a market capitalization of $81.89 billion, a price-to-earnings ratio of 78.75, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. The business’s 50 day simple moving average is $306.73 and its 200-day simple moving average is $279.25.

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, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the firm posted $0.75 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. In the last three months, insiders sold 212,044 shares of company stock valued at $63,106,522. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Norges Bank purchased a new position in Cadence Design Systems in the 4th quarter valued at about $770,945,000. Alliancebernstein L.P. raised its stake in shares of Cadence Design Systems by 620.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after purchasing an additional 2,543,966 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $227,854,000. Nordea Investment Management AB raised its stake in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other 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.