Rosenblatt Securities Issues Positive Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its target price increased by Rosenblatt Securities from $295.00 to $300.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other brokerages have also recently issued reports on CDNS. Mizuho dropped their target price on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Robert W. Baird cut their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Finally, Piper Sandler upped their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $322.54.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $302.22 on Tuesday. Cadence Design Systems has a 52-week low of $221.56 and a 52-week high of $328.99. The company has a market cap of $82.90 billion, a P/E ratio of 78.30, a P/E/G ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock’s 50-day simple moving average is $255.41 and its 200 day simple moving average is $282.31.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.17 EPS. As a group, sell-side analysts forecast that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. This represents a 2.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,130 shares of company stock worth $567,999. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several large investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Cadence Design Systems in the 4th quarter valued at $1,170,209,000. GAMMA Investing LLC raised its stake in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock worth $309,835,000 after acquiring an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC lifted its stake in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after purchasing an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after acquiring an additional 632,175 shares during the last quarter. Institutional investors and hedge funds 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.