Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $370.00

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its target price lifted by Loop Capital from $340.00 to $370.00 in a report released on Monday morning,Benzinga reports. Loop Capital currently has a buy rating on the software maker's stock.

Other equities research analysts have also issued reports about the company. Rosenblatt Securities lifted their price target on Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday, April 29th. Robert W. Baird raised their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. The Goldman Sachs Group initiated coverage on Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 price objective on the stock. Oppenheimer cut their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Finally, Wall Street Zen raised Cadence Design Systems from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $330.07.

Cadence Design Systems Stock Up 2.0%

Shares of Cadence Design Systems stock traded up $6.28 during trading on Monday, hitting $320.86. 1,275,331 shares of the stock traded hands, compared to its average volume of 2,038,826. The stock has a market cap of $87.61 billion, a P/E ratio of 81.23, a PEG ratio of 4.41 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $330.09. The company has a fifty day moving average price of $308.36 and a two-hundred day moving average price of $287.75.

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

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer owned 209,548 shares of the company's stock, valued at $64,959,880. The trade was a 4.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the sale, the vice president directly owned 105,499 shares in the company, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 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 Trading of Cadence Design Systems

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker's stock valued at $6,698,834,000 after buying an additional 429,955 shares in the last quarter. Jennison Associates LLC boosted its stake in Cadence Design Systems by 13.2% in the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares in the last quarter. FMR LLC boosted its stake in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC boosted its stake in Cadence Design Systems by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker's stock worth $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake 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. Institutional investors and hedge funds own 84.85% of the company's stock.

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.