Cadence Design Systems (NASDAQ:CDNS) Given New $325.00 Price Target at Mizuho

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its price target increased by Mizuho from $300.00 to $325.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the software maker's stock. Mizuho's target price indicates a potential upside of 9.51% from the stock's previous close.

Several other analysts have also weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Tuesday. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Bank of America dropped their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Finally, Oppenheimer reduced their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $322.54.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $296.78 on Tuesday. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business's 50 day moving average is $254.77 and its two-hundred day moving average is $282.17. The firm has a market cap of $81.41 billion, a price-to-earnings ratio of 76.55, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.49 by $0.08. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the business posted $1.17 EPS. Analysts forecast that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the transaction, the director now owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,130 shares of company stock worth $567,999. 1.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Vanguard Group Inc. increased its holdings in Cadence Design Systems by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker's stock worth $7,784,674,000 after buying an additional 201,340 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker's stock worth $2,406,760,000 after purchasing an additional 404,076 shares during the last quarter. FMR LLC raised its holdings in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock valued at $1,806,019,000 after purchasing an additional 135,251 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.

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