Cadence Design Systems (NASDAQ:CDNS) Given New $340.00 Price Target at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its price target lifted by Robert W. Baird from $332.00 to $340.00 in a research note released on Tuesday, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, October 7th. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday. Mizuho initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. Finally, Berenberg Bank started coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $323.17.

Cadence Design Systems Stock Up 12.5 %

Shares of CDNS stock opened at $284.45 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems has a fifty-two week low of $230.65 and a fifty-two week high of $328.99. The firm has a market capitalization of $77.49 billion, a PE ratio of 74.08, a P/E/G ratio of 3.03 and a beta of 1.02. The stock’s 50-day simple moving average is $266.90 and its 200-day simple moving average is $281.98.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period last year, the firm posted $1.01 EPS. Equities analysts expect that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the sale, the director now owns 45,051 shares of the company’s stock, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock valued at $7,728,272 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several large investors have recently bought and sold shares of the business. Brookstone Capital Management boosted its holdings in shares of Cadence Design Systems by 15.4% during the 1st quarter. Brookstone Capital Management now owns 1,037 shares of the software maker’s stock worth $323,000 after purchasing an additional 138 shares during the last quarter. Wealthcare Advisory Partners LLC boosted its stake in Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares during the last quarter. Claro Advisors LLC purchased a new stake in Cadence Design Systems in the 1st quarter valued at $201,000. Lake Street Private Wealth LLC increased its stake in shares of Cadence Design Systems by 13.8% in the 1st quarter. Lake Street Private Wealth LLC now owns 3,663 shares of the software maker’s stock worth $1,140,000 after acquiring an additional 444 shares during the last quarter. Finally, Norden Group LLC raised its holdings in shares of Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after acquiring an additional 12,544 shares during the period. Hedge funds and other 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.