Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $358.00

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its target price increased by KeyCorp from $340.00 to $358.00 in a report published on Thursday,Benzinga reports. KeyCorp currently has an overweight rating on the software maker's stock.

CDNS has been the subject of several other research reports. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. Mizuho increased their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, Wells Fargo & Company lifted their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $327.93.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $0.25 during mid-day trading on Thursday, hitting $322.66. 1,463,553 shares of the stock were exchanged, compared to its average volume of 2,036,950. Cadence Design Systems has a 12-month low of $221.56 and a 12-month high of $330.09. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a market capitalization of $88.10 billion, a price-to-earnings ratio of 81.69, a P/E/G ratio of 4.48 and a beta of 0.99. The stock's fifty day simple moving average is $307.12 and its two-hundred day simple moving average is $287.35.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.17 earnings per share. On average, analysts forecast that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 4,710 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president owned 28,442 shares in the company, valued at approximately $8,532,600. This represents a 14.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director directly owned 23,996 shares of the company's stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,975 shares of company stock worth $6,114,587 in the last three months. Company insiders own 1.99% of the company's stock.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. Legacy Capital Wealth Partners LLC boosted its holdings in shares of Cadence Design Systems by 2.8% during the first quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock worth $309,000 after purchasing an additional 33 shares during the last quarter. Accredited Investors Inc. increased its position in Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares in the last quarter. Empower Advisory Group LLC raised its stake in shares of Cadence Design Systems by 4.1% in the 1st quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock valued at $232,000 after acquiring an additional 36 shares during the period. Gamco Investors INC. ET AL lifted its stake in shares of Cadence Design Systems by 0.3% during the first quarter. Gamco Investors INC. ET AL now owns 13,337 shares of the software maker's stock worth $3,392,000 after purchasing an additional 36 shares in the last quarter. Finally, Principal Street Partners LLC boosted its holdings in Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after acquiring an additional 37 shares during the period. 84.85% of the stock is currently 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.