Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $322.00 at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its target price raised by Robert W. Baird from $302.00 to $322.00 in a research report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research note on Tuesday. Needham & Company LLC reissued a buy rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Morgan Stanley upgraded shares of Cadence Design Systems from an equal weight rating to an overweight rating and boosted their price objective for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus increased their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Finally, Piper Sandler initiated coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They issued a neutral rating and a $334.00 price target for the company. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Stock Down 2.7 %

Shares of NASDAQ:CDNS opened at $285.90 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock has a market cap of $77.83 billion, a price-to-earnings ratio of 74.84, a P/E/G ratio of 3.65 and a beta of 1.04. The company has a 50 day moving average of $306.16 and a 200-day moving average of $279.39. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 EPS. On average, sell-side analysts forecast that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently modified their holdings of CDNS. Harbour Investments Inc. raised its holdings in Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after acquiring an additional 39 shares in the last quarter. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $28,000. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at $32,000. Finally, Quarry LP increased its holdings in Cadence Design Systems by 550.0% during the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after buying an additional 88 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.