Cadence Design Systems (NASDAQ:CDNS) Stock Price Expected to Rise, Mizuho Analyst Says

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its price objective boosted by stock analysts at Mizuho from $300.00 to $325.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the software maker's stock. Mizuho's target price suggests a potential upside of 4.52% from the company's previous close.

A number of other analysts also recently weighed in on CDNS. Piper Sandler increased their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price target for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price objective on the stock. Finally, Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $322.54.

Cadence Design Systems Stock Up 0.9 %

CDNS traded up $2.80 during trading on Tuesday, reaching $310.95. The company had a trading volume of 296,083 shares, compared to its average volume of 1,949,299. The business's fifty day moving average price is $258.32 and its 200 day moving average price is $283.08. Cadence Design Systems has a 12 month low of $221.56 and a 12 month high of $328.99. The company has a market cap of $85.30 billion, a P/E ratio of 80.61, a PEG ratio of 3.88 and a beta of 1.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the firm posted $1.17 EPS. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, 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 sale, the director now owns 7,411 shares of the company's stock, valued at approximately $2,038,025. This trade represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares of the company's stock, valued at $27,486,979.36. The trade was a 0.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,190 shares of company stock valued at $1,790,991. 1.99% of the stock is currently owned by company insiders.

Institutional Trading of Cadence Design Systems

Several hedge funds have recently modified their holdings of CDNS. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker's stock valued at $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Advisory Resource Group boosted its stake in shares of Cadence Design Systems by 20.9% during the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker's stock worth $1,009,000 after acquiring an additional 643 shares in the last quarter. World Investment Advisors LLC increased its stake in shares of Cadence Design Systems by 656.3% during the third quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker's stock worth $2,021,000 after purchasing an additional 6,471 shares in the last quarter. Arvest Bank Trust Division purchased a new stake in shares of Cadence Design Systems during the third quarter worth approximately $202,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Cadence Design Systems during the third quarter worth about $2,225,000. 84.85% of the stock is 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.