KeyCorp Raises Cadence Design Systems (NASDAQ:CDNS) Price Target to $405.00

Key Points

• Cadence Design Systems had its price target increased by KeyCorp from $358.00 to $405.00, indicating a potential upside of 11.23% from the stock's previous close.
• Other analysts have also raised their price targets, with Mizuho setting it at $375.00 and Needham & Company at $390.00, while the stock has a consensus rating of "Moderate Buy."
• Shares of Cadence Design Systems saw a 9.1% increase during trading, reaching $364.10, with a significant trading volume of 1,608,930 shares.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its target price lifted by equities researchers at KeyCorp from $358.00 to $405.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the software maker's stock. KeyCorp's price objective points to a potential upside of 11.09% from the stock's current price.

Several other equities research analysts have also recently issued reports on the stock. Wall Street Zen cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Piper Sandler reiterated a "neutral" rating and issued a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a research report on Tuesday. The Goldman Sachs Group began coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target on the stock. Rosenblatt Securities reissued a "neutral" rating and set a $300.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 25th. Finally, Mizuho lifted their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the company an "outperform" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $364.33.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded down $6.46 during mid-day trading on Tuesday, reaching $364.57. 3,011,369 shares of the stock were exchanged, compared to its average volume of 1,842,129. The company has a market capitalization of $99.54 billion, a P/E ratio of 98.53, a P/E/G ratio of 4.88 and a beta of 0.99. The business's 50 day moving average is $311.64 and its 200-day moving average is $289.87. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. Cadence Design Systems has a 1 year low of $221.56 and a 1 year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 EPS. On average, equities research analysts forecast that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer owned 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,435 shares of company stock valued at $4,455,137. Company insiders own 1.99% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Resonant Capital Advisors LLC grew its position in shares of Cadence Design Systems by 42.5% during the second quarter. Resonant Capital Advisors LLC now owns 1,368 shares of the software maker's stock worth $422,000 after acquiring an additional 408 shares during the last quarter. Wealthfront Advisers LLC increased its stake in Cadence Design Systems by 2.0% in the second quarter. Wealthfront Advisers LLC now owns 26,502 shares of the software maker's stock valued at $8,167,000 after purchasing an additional 521 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of Cadence Design Systems by 3.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 29,033 shares of the software maker's stock valued at $8,947,000 after buying an additional 853 shares during the last quarter. Brighton Jones LLC grew its stake in shares of Cadence Design Systems by 173.3% in the 2nd quarter. Brighton Jones LLC now owns 2,741 shares of the software maker's stock valued at $845,000 after purchasing an additional 1,738 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC increased its holdings in shares of Cadence Design Systems by 4.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 16,197 shares of the software maker's stock valued at $4,991,000 after purchasing an additional 704 shares during the period. Institutional investors and hedge funds 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.