Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $295.00

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its price objective lifted by Rosenblatt Securities from $280.00 to $295.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the software maker's stock.

A number of other research analysts have also recently commented on the company. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price target for the company. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price target on shares of Cadence Design Systems in a research note on Wednesday. Piper Sandler increased their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $326.92.

Cadence Design Systems Price Performance

Shares of CDNS stock traded down $11.96 during trading hours on Wednesday, reaching $258.27. The company's stock had a trading volume of 4,346,481 shares, compared to its average volume of 1,821,239. The firm's 50 day simple moving average is $301.51 and its 200-day simple moving average is $286.95. The company has a market capitalization of $70.83 billion, a price-to-earnings ratio of 66.91, a PEG ratio of 3.17 and a beta of 1.03. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Sell-side analysts forecast that Cadence Design Systems will post 5.57 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company's stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,416 shares of company stock worth $33,538,875. Company insiders own 1.99% of the company's stock.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock worth $672,300,000 after buying an additional 216,075 shares in the last quarter. Pittenger & Anderson Inc. lifted its position in shares of Cadence Design Systems by 50.1% during the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock worth $1,589,000 after buying an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. lifted its position in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after buying an additional 306,887 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after buying an additional 79,268 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock worth $258,136,000 after buying an additional 310,250 shares in the last quarter. 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.