Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $375.00

Key Points

• Mizuho has raised its target price for Cadence Design Systems stock from $360.00 to $375.00, suggesting a potential upside of 12.36% from its current price.
• Cadence reported a 20.2% increase in year-over-year revenue, amounting to $1.28 billion for the quarter, surpassing expectations.
• The company has received a consensus rating of "Moderate Buy" from analysts, with eleven reporting a buy rating and only one a sell rating.

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its target price hoisted by Mizuho from $360.00 to $375.00 in a report released on Tuesday,Benzinga reports. The firm currently has an outperform rating on the software maker's stock.

A number of other brokerages have also weighed in on CDNS. Loop Capital lifted their price objective on Cadence Design Systems from $340.00 to $370.00 and gave the company a "buy" rating in a report on Monday, July 14th. KeyCorp restated an "overweight" rating and set a $358.00 price objective (up from $340.00) on shares of Cadence Design Systems in a report on Thursday, July 10th. Bank of America upped their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Piper Sandler reissued 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. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average target price of $359.00.

Cadence Design Systems Trading Up 1.3%

CDNS traded up $4.77 during trading hours on Tuesday, reaching $371.03. The company's stock had a trading volume of 3,882,105 shares, compared to its average volume of 1,705,671. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90. The business's 50-day moving average is $311.64 and its 200-day moving average is $289.87. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $374.05. The stock has a market cap of $101.31 billion, a PE ratio of 100.28, a P/E/G ratio of 5.09 and a beta of 0.99.

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

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the transaction, the chief executive officer owned 209,548 shares in the company, valued at $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the sale, the vice president owned 105,499 shares of the company's stock, valued at $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,085 shares of company stock worth $4,652,087 over the last ninety days. Insiders own 1.99% of the company's stock.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Paragon Advisors LLC lifted its position in Cadence Design Systems by 16.7% in the 2nd quarter. Paragon Advisors LLC now owns 8,969 shares of the software maker's stock worth $2,764,000 after buying an additional 1,285 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in shares of Cadence Design Systems by 1.1% during the 2nd quarter. Bleakley Financial Group LLC now owns 13,499 shares of the software maker's stock valued at $4,160,000 after purchasing an additional 146 shares in the last quarter. Ethic Inc. raised its holdings in shares of Cadence Design Systems by 4.9% during the 2nd quarter. Ethic Inc. now owns 26,255 shares of the software maker's stock valued at $8,013,000 after purchasing an additional 1,221 shares in the last quarter. Caliber Wealth Management LLC KS raised its holdings in shares of Cadence Design Systems by 105.5% during the 2nd quarter. Caliber Wealth Management LLC KS now owns 4,985 shares of the software maker's stock valued at $1,536,000 after purchasing an additional 2,559 shares in the last quarter. Finally, Brookstone Capital Management raised its holdings in shares of Cadence Design Systems by 32.3% during the 2nd quarter. Brookstone Capital Management now owns 23,057 shares of the software maker's stock valued at $7,105,000 after purchasing an additional 5,627 shares in the last quarter. 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.