Rosenblatt Securities Boosts Cadence Design Systems (NASDAQ:CDNS) Price Target to $185.00

Cadence Design Systems (NASDAQ:CDNSGet Rating) had its target price lifted by Rosenblatt Securities from $170.00 to $185.00 in a report issued on Tuesday, Stock Target Advisor reports. They currently have a buy rating on the software maker’s stock.

A number of other research analysts have also commented on CDNS. UBS Group lifted their price objective on shares of Cadence Design Systems from $170.00 to $180.00 and gave the company a neutral rating in a research note on Tuesday, April 26th. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $211.00 to $203.00 in a research note on Tuesday, April 26th. StockNews.com initiated coverage on shares of Cadence Design Systems in a research note on Thursday, March 31st. They set a buy rating on the stock. Needham & Company LLC boosted their price target on shares of Cadence Design Systems from $185.00 to $193.00 and gave the stock a buy rating in a research note on Tuesday, April 26th. Finally, Bank of America upgraded shares of Cadence Design Systems from an underperform rating to a neutral rating and boosted their price target for the stock from $160.00 to $175.00 in a research note on Wednesday, June 29th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $189.30.

Cadence Design Systems Price Performance

Shares of CDNS opened at $170.75 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.81 and a quick ratio of 1.69. The stock has a market cap of $47.09 billion, a PE ratio of 63.95, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. Cadence Design Systems has a 1-year low of $132.32 and a 1-year high of $192.70. The firm has a fifty day moving average price of $153.34 and a 200 day moving average price of $152.19.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last posted its quarterly earnings data on Monday, July 25th. The software maker reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. The company had revenue of $858.00 million for the quarter, compared to analyst estimates of $835.01 million. Cadence Design Systems had a net margin of 23.59% and a return on equity of 31.01%. Cadence Design Systems’s quarterly revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.71 earnings per share. As a group, sell-side analysts anticipate that Cadence Design Systems will post 3.13 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, insider Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $143.77, for a total value of $5,750,800.00. Following the sale, the insider now owns 612,176 shares of the company’s stock, valued at $88,012,543.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, insider Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $143.77, for a total value of $5,750,800.00. Following the sale, the insider now owns 612,176 shares of the company’s stock, valued at $88,012,543.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 35,217 shares of the company’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $158.82, for a total transaction of $5,593,163.94. Following the completion of the sale, the chief executive officer now directly owns 189,387 shares in the company, valued at approximately $30,078,443.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 434,534 shares of company stock worth $66,852,940. 1.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently modified their holdings of the company. Concord Wealth Partners lifted its stake in shares of Cadence Design Systems by 5.8% during the first quarter. Concord Wealth Partners now owns 1,356 shares of the software maker’s stock valued at $223,000 after buying an additional 74 shares during the period. EP Wealth Advisors LLC lifted its stake in shares of Cadence Design Systems by 2.0% during the first quarter. EP Wealth Advisors LLC now owns 3,827 shares of the software maker’s stock valued at $629,000 after buying an additional 75 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Cadence Design Systems by 0.7% during the second quarter. Commonwealth Equity Services LLC now owns 11,587 shares of the software maker’s stock valued at $1,738,000 after buying an additional 76 shares during the period. Ascent Group LLC lifted its stake in shares of Cadence Design Systems by 1.4% during the first quarter. Ascent Group LLC now owns 5,587 shares of the software maker’s stock valued at $919,000 after buying an additional 78 shares during the period. Finally, MV Capital Management Inc. lifted its stake in shares of Cadence Design Systems by 74.1% during the first quarter. MV Capital Management Inc. now owns 188 shares of the software maker’s stock valued at $31,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 84.07% of the company’s stock.

Cadence Design Systems Company Profile

(Get Rating)

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.

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