Robert W. Baird Boosts Cadence Design Systems (NASDAQ:CDNS) Price Target to $322.00

Cadence Design Systems (NASDAQ:CDNS) had its price target boosted by equities researchers at Robert W. Baird from $302.00 to $322.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective suggests a potential upside of 14.90% from the company’s current price.

A number of other brokerages have also recently commented on CDNS. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday. Piper Sandler began coverage on Cadence Design Systems in a report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price target for the company. Stifel Nicolaus increased their price target 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, Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $318.10.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $280.25 on Thursday. The business has a 50 day simple moving average of $305.52 and a two-hundred day simple moving average of $279.70. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The stock has a market capitalization of $76.29 billion, a P/E ratio of 73.36, a PEG ratio of 3.57 and a beta of 1.04. 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 (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the firm earned $0.75 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. As a group, analysts predict that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO John M. Wall sold 2,700 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $299.00, for a total value of $807,300.00. Following the transaction, the chief financial officer now owns 76,552 shares of the company’s stock, valued at $22,889,048. The disclosure for this sale can be found here. Over the last three months, insiders sold 177,544 shares of company stock worth $53,581,207. Company insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CDNS. Cibc World Market Inc. boosted its position in shares of Cadence Design Systems by 2.7% during the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after buying an additional 571 shares during the period. Prudential PLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at $1,160,000. Loomis Sayles & Co. L P raised its stake in shares of Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after acquiring an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. raised its stake in shares of Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Cadence Design Systems by 26.8% in the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after acquiring an additional 3,433 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

About Cadence Design Systems

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.