Loop Capital Issues Positive Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its price objective raised by Loop Capital from $340.00 to $370.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

CDNS has been the subject of a number of other reports. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th. Needham & Company LLC restated a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Mizuho upped their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $330.07.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $317.49 on Monday. The company has a 50 day moving average price of $308.00 and a 200-day moving average price of $287.35. Cadence Design Systems has a 52 week low of $221.56 and a 52 week high of $330.09. The firm has a market capitalization of $86.69 billion, a PE ratio of 80.38, a P/E/G ratio of 4.44 and a beta of 0.99. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $1.17 earnings per share. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, equities research analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the transaction, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,975 shares of company stock valued at $6,114,587. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock worth $6,698,834,000 after acquiring an additional 429,955 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 13.2% during the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock worth $2,305,489,000 after acquiring an additional 1,054,702 shares during the last quarter. FMR LLC boosted its position in shares of Cadence Design Systems by 8.7% during the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after acquiring an additional 135,251 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. Institutional investors 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.