Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $340.00 at KeyCorp

Cadence Design Systems (NASDAQ:CDNS) had its price objective upped by KeyCorp from $335.00 to $340.00 in a research report released on Monday morning, Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

A number of other research firms have also recently issued reports on CDNS. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $310.00 to $330.00 and gave the company an overweight rating in a research report on Tuesday, February 6th. Rosenblatt Securities lowered Cadence Design Systems from a buy rating to a neutral rating and raised their target price for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. StockNews.com upgraded Cadence Design Systems from a hold rating to a buy rating in a report on Tuesday, March 12th. Stifel Nicolaus raised their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a report on Tuesday, February 13th. Finally, Piper Sandler assumed coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a neutral rating and a $334.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $314.10.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $301.56 on Monday. The stock has a market cap of $82.10 billion, a PE ratio of 78.94, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $306.57 and a 200-day simple moving average of $278.78.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.75 earnings per share. On average, sell-side analysts anticipate that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 212,044 shares of company stock worth $63,106,522. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after buying an additional 384,637 shares in the last quarter. State Street Corp lifted its holdings in Cadence Design Systems by 3.1% during the 1st quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after buying an additional 344,518 shares in the last quarter. Jennison Associates LLC lifted its holdings in Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cadence Design Systems by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock valued at $1,297,925,000 after acquiring an additional 103,213 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Cadence Design Systems during the 4th quarter valued at $770,945,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.