Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $295.00 at Rosenblatt Securities

Cadence Design Systems (NASDAQ:CDNS) had its price objective upped by research analysts at Rosenblatt Securities from $280.00 to $295.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Rosenblatt Securities’ target price indicates a potential upside of 9.10% from the company’s current price.

Several other research firms have also weighed in on CDNS. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Piper Sandler lifted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $326.92.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $270.39 on Wednesday. The business has a 50 day simple moving average of $302.27 and a 200 day simple moving average of $287.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a market capitalization of $74.16 billion, a PE ratio of 70.05, a price-to-earnings-growth ratio of 3.48 and a beta of 1.03. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 30.20%. On average, sell-side analysts forecast that Cadence Design Systems will post 5.57 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. This trade represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 in the last quarter. 1.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Vanguard Group Inc. increased its stake in shares of Cadence Design Systems by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock valued at $7,784,674,000 after acquiring an additional 201,340 shares during the last quarter. State Street Corp grew its holdings in Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock valued at $3,231,422,000 after purchasing an additional 60,490 shares during the period. Jennison Associates LLC increased its stake in Cadence Design Systems by 5.3% in the fourth quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. FMR LLC raised its holdings in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Finally, 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 purchasing an additional 135,251 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

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.