Cadence Design Systems (NASDAQ:CDNS) PT Lowered to $315.00

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its price target lowered by research analysts at Needham & Company LLC from $320.00 to $315.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the software maker's stock. Needham & Company LLC's target price would indicate a potential upside of 10.74% from the stock's current price.

Several other equities analysts also recently commented on the stock. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price objective on the stock. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, October 7th. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an "outperform" rating on the stock in a report on Tuesday, July 23rd. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 price target on the stock. Finally, Mizuho began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an "outperform" rating and a $325.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $323.17.

Cadence Design Systems Stock Up 12.5 %

CDNS traded up $31.68 during trading on Tuesday, reaching $284.45. 5,895,408 shares of the stock were exchanged, compared to its average volume of 1,761,092. The stock has a market cap of $77.49 billion, a P/E ratio of 73.86, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02. Cadence Design Systems has a twelve month low of $230.65 and a twelve month high of $328.99. The stock's 50 day moving average price is $266.84 and its two-hundred day moving average price is $282.13. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the company earned $1.01 earnings per share. The company's quarterly revenue was up 18.8% on a year-over-year basis. Equities analysts expect that Cadence Design Systems will post 4.73 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company's stock, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the sale, the vice president now owns 61,761 shares of the company's stock, valued at approximately $16,887,927.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company's stock, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,347 shares of company stock valued at $7,728,272. 1.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Realta Investment Advisors grew its holdings in shares of Cadence Design Systems by 18.6% during the third quarter. Realta Investment Advisors now owns 2,407 shares of the software maker's stock worth $679,000 after purchasing an additional 377 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Cadence Design Systems by 11.5% during the third quarter. Farther Finance Advisors LLC now owns 2,724 shares of the software maker's stock worth $739,000 after purchasing an additional 280 shares in the last quarter. Hills Bank & Trust Co bought a new stake in Cadence Design Systems in the 3rd quarter worth approximately $262,000. Principal Securities Inc. lifted its position in Cadence Design Systems by 14.8% in the 3rd quarter. Principal Securities Inc. now owns 9,732 shares of the software maker's stock worth $2,638,000 after buying an additional 1,253 shares during the last quarter. Finally, Stephens Inc. AR lifted its position in Cadence Design Systems by 26.3% in the 3rd quarter. Stephens Inc. AR now owns 4,634 shares of the software maker's stock worth $1,256,000 after buying an additional 964 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

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.