Cadence Design Systems (NASDAQ:CDNS) Price Target Increased to $341.00 by Analysts at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its target price raised by Robert W. Baird from $322.00 to $341.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

CDNS has been the subject of a number of other reports. Piper Sandler reduced their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a research note on Tuesday, April 23rd. KeyCorp increased their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research note on Tuesday, April 16th. Rosenblatt Securities reaffirmed a neutral rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Bank of America lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a buy rating in a research report on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $334.89.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $316.78 on Tuesday. The firm has a market cap of $86.30 billion, a price-to-earnings ratio of 82.41, a PEG ratio of 3.77 and a beta of 1.03. The business’s 50 day moving average is $295.02 and its two-hundred day moving average is $294.24. 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 52-week low of $217.77 and a 52-week high of $328.99.

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

Insider Buying and Selling at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock valued at $14,978,483. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of Cadence Design Systems by 39.7% in the second quarter. GAMMA Investing LLC now owns 2,532 shares of the software maker’s stock worth $779,000 after acquiring an additional 719 shares during the last quarter. Transcend Capital Advisors LLC bought a new position in shares of Cadence Design Systems during the 2nd quarter valued at $300,000. Capital Market Strategies LLC lifted its stake in shares of Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares during the last quarter. Jackson Wealth Management LLC boosted its holdings in Cadence Design Systems by 7.4% in the first quarter. Jackson Wealth Management LLC now owns 14,642 shares of the software maker’s stock worth $4,558,000 after purchasing an additional 1,014 shares in the last quarter. Finally, Objective Capital Management LLC lifted its position in shares of Cadence Design Systems by 6.3% in the first quarter. Objective Capital Management LLC now owns 1,298 shares of the software maker’s stock worth $404,000 after buying an additional 77 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.