Cadence Design Systems (NASDAQ:CDNS) Stock Price Expected to Rise, Loop Capital Analyst Says

Cadence Design Systems (NASDAQ:CDNS) had its price target increased by stock analysts at Loop Capital from $370.00 to $390.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Loop Capital’s price target suggests a potential upside of 5.11% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Wall Street Zen downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday, July 10th. They set a “buy” rating and a $380.00 target price for the company. Robert W. Baird upped their target price on Cadence Design Systems from $340.00 to $380.00 and gave the company an “outperform” rating in a report on Monday. Wells Fargo & Company upped their target price on Cadence Design Systems from $365.00 to $405.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Bank of America upped their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $359.00.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $371.03 on Tuesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $374.05. The stock has a 50 day moving average price of $311.64 and a two-hundred day moving average price of $289.87. The company has a market capitalization of $101.31 billion, a P/E ratio of 100.28, a PEG ratio of 5.09 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. Cadence Design Systems’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 EPS. Analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 value of $54,720.00. Following the sale, the director owned 8,010 shares in the company, valued at $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer owned 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,435 shares of company stock worth $4,455,137. 1.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the stock. Park Square Financial Group LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $348,000. Merit Financial Group LLC increased its holdings in shares of Cadence Design Systems by 42.6% during the first quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker’s stock valued at $805,000 after acquiring an additional 946 shares in the last quarter. Novem Group increased its holdings in shares of Cadence Design Systems by 30.3% during the first quarter. Novem Group now owns 4,067 shares of the software maker’s stock valued at $1,034,000 after acquiring an additional 945 shares in the last quarter. Seilern Investment Management Ltd bought a new position in shares of Cadence Design Systems during the first quarter valued at $64,800,000. Finally, Integrated Advisors Network LLC increased its holdings in shares of Cadence Design Systems by 156.9% during the fourth quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker’s stock valued at $1,023,000 after acquiring an additional 2,080 shares in the last quarter. 84.85% of the stock is currently owned by 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.