Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $350.00 at Bank of America

Cadence Design Systems (NASDAQ:CDNSFree Report) had its price target lifted by Bank of America from $330.00 to $350.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

Other research analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. Piper Sandler cut their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a research note on Tuesday, April 23rd. Rosenblatt Securities reiterated a neutral rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. KeyCorp increased their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday, April 15th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of Moderate Buy and an average price target of $331.11.

Read Our Latest Stock Analysis on CDNS

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $288.25 on Thursday. The firm has a market capitalization of $78.44 billion, a P/E ratio of 75.07, a PEG ratio of 3.62 and a beta of 1.06. Cadence Design Systems has a one year low of $217.77 and a one year high of $327.36. The company’s fifty day moving average is $294.61 and its two-hundred day moving average is $288.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 EPS. Analysts forecast that Cadence Design Systems will post 4.77 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $309.16, for a total transaction of $463,740.00. Following the transaction, the director now directly owns 51,683 shares in the company, valued at $15,978,316.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, CEO Anirudh Devgan sold 48,533 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $302.50, for a total value of $14,681,232.50. Following the sale, the chief executive officer now directly owns 67,812 shares in the company, valued at $20,513,130. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $309.16, for a total transaction of $463,740.00. Following the sale, the director now owns 51,683 shares in the company, valued at $15,978,316.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,937 shares of company stock valued at $31,631,416. 1.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of CDNS. Norges Bank acquired a new position in Cadence Design Systems during the fourth quarter worth about $1,141,059,000. Swedbank AB acquired a new stake in Cadence Design Systems during the 1st quarter worth about $439,988,000. Nordea Investment Management AB boosted its position in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares during the period. Wellington Management Group LLP boosted its position in Cadence Design Systems by 143.3% during the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the period. 84.85% of the stock is currently owned by institutional investors.

About Cadence Design Systems

(Get Free Report)

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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