Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $395.00

Cadence Design Systems (NASDAQ:CDNS) had its target price hoisted by Stifel Nicolaus from $350.00 to $395.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

A number of other equities research analysts also recently issued reports on CDNS. KeyCorp reaffirmed an “overweight” rating and set a $358.00 price target (up previously from $340.00) on shares of Cadence Design Systems in a research note on Thursday, July 10th. Wall Street Zen downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. Robert W. Baird upped their price target on shares of Cadence Design Systems from $340.00 to $380.00 and gave the company an “outperform” rating in a research note on Monday. Mizuho upped their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $390.00 price target (up previously from $325.00) on shares of Cadence Design Systems in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $364.33.

Cadence Design Systems Price Performance

CDNS stock opened at $364.57 on Tuesday. Cadence Design Systems has a one year low of $221.56 and a one year high of $376.45. The company’s fifty day moving average price is $312.60 and its 200-day moving average price is $290.37. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. The company has a market capitalization of $99.54 billion, a PE ratio of 98.53, a price-to-earnings-growth ratio of 4.88 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.56 by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 earnings per share. On average, equities analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, Director James D. Plummer sold 868 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director directly owned 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated 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 in the company, 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 ninety days, insiders have sold 3,698 shares of company stock worth $1,126,667. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Smallwood Wealth Investment Management LLC bought a new position in shares of Cadence Design Systems in the first quarter worth about $25,000. Costello Asset Management INC bought a new position in Cadence Design Systems during the 1st quarter worth about $25,000. Barrett & Company Inc. bought a new position in Cadence Design Systems during the 2nd quarter worth about $31,000. Saudi Central Bank bought a new position in Cadence Design Systems during the 1st quarter worth about $27,000. Finally, Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after acquiring an additional 99 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

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.