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

Cadence Design Systems (NASDAQ:CDNS) had its price objective lifted by analysts at Robert W. Baird from $322.00 to $341.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s target price would suggest a potential upside of 8.09% from the stock’s current price.

Several other research firms have also commented on CDNS. KeyCorp raised their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Piper Sandler cut their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Rosenblatt Securities reaffirmed 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 restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, May 17th. Finally, Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three equities research 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, the company currently has an average rating of “Moderate Buy” and an average price target of $334.89.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $315.47 on Tuesday. Cadence Design Systems has a twelve month low of $217.77 and a twelve month high of $328.99. The stock has a market capitalization of $85.94 billion, a price-to-earnings ratio of 82.15, a P/E/G ratio of 3.77 and a beta of 1.03. The stock has a fifty day simple moving average of $295.72 and a two-hundred day simple moving average of $294.56. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business posted $1.02 EPS. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. On average, analysts predict 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 Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred 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 sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders have sold 50,134 shares of company stock valued at $14,978,483 over the last three months. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Parkside Financial Bank & Trust raised its position in shares of Cadence Design Systems by 8.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after buying an additional 38 shares during the last quarter. Highview Capital Management LLC DE grew its stake in shares of Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after purchasing an additional 39 shares during the last quarter. Fiduciary Trust Co lifted its holdings in Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after buying an additional 39 shares during the period. Capital Market Strategies LLC lifted its holdings in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after buying an additional 39 shares during the period. Finally, GraniteShares Advisors LLC raised its holdings in Cadence Design Systems by 1.2% in the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after purchasing an additional 40 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.