Cadence Design Systems (NASDAQ:CDNS) PT Raised to $355.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective increased by KeyCorp from $350.00 to $355.00 in a research report sent to investors on Thursday, Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Several other research analysts have also recently weighed in on the stock. Rosenblatt Securities reissued a neutral rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC reaffirmed a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, May 17th. Bank of America raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a buy rating in a report on Thursday, May 30th. Piper Sandler lowered their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating on the stock in a report on Tuesday, April 23rd. Finally, StockNews.com cut shares of Cadence Design Systems from a buy rating to a hold rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $332.78.

Cadence Design Systems Stock Down 0.5 %

Cadence Design Systems stock opened at $307.92 on Thursday. The stock has a market cap of $83.88 billion, a P/E ratio of 80.19, a P/E/G ratio of 3.81 and a beta of 1.04. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a twelve month low of $217.77 and a twelve month high of $328.99. The company’s 50-day moving average price is $293.51 and its two-hundred day moving average price is $293.33.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 EPS. As a group, analysts expect that Cadence Design Systems will post 4.77 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’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 sale, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the transaction, the vice president now owns 66,494 shares in the company, valued at approximately $19,615,730. The disclosure for this sale can be found here. Insiders sold a total of 41,134 shares of company stock worth $12,232,169 in the last ninety days. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. CWA Asset Management Group LLC lifted its position in Cadence Design Systems by 49.7% in the 3rd quarter. CWA Asset Management Group LLC now owns 2,007 shares of the software maker’s stock valued at $470,000 after acquiring an additional 666 shares in the last quarter. Gotham Asset Management LLC lifted its position in Cadence Design Systems by 13.9% in the 3rd quarter. Gotham Asset Management LLC now owns 29,207 shares of the software maker’s stock valued at $6,843,000 after acquiring an additional 3,567 shares in the last quarter. Kolinsky Wealth Management LLC lifted its position in shares of Cadence Design Systems by 5.8% during the 3rd quarter. Kolinsky Wealth Management LLC now owns 1,162 shares of the software maker’s stock worth $272,000 after buying an additional 64 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Cadence Design Systems by 81.7% during the 3rd quarter. Lazard Asset Management LLC now owns 188,085 shares of the software maker’s stock worth $44,068,000 after buying an additional 84,593 shares in the last quarter. Finally, Truist Financial Corp lifted its position in shares of Cadence Design Systems by 17.7% during the 3rd quarter. Truist Financial Corp now owns 267,651 shares of the software maker’s stock worth $62,711,000 after buying an additional 40,336 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.