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

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its price target boosted by Mizuho from $325.00 to $360.00 in a research note released on Tuesday morning,Benzinga reports. Mizuho currently has an outperform rating on the software maker's stock.

CDNS has been the subject of several other reports. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 price target for the company. Bank of America lifted 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. Loop Capital boosted their price objective on shares of Cadence Design Systems from $340.00 to $370.00 and gave the company a "buy" rating in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $332.57.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $7.55 during midday trading on Tuesday, hitting $332.19. The company had a trading volume of 2,717,513 shares, compared to its average volume of 2,056,297. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The stock has a market cap of $90.70 billion, a price-to-earnings ratio of 84.10, a P/E/G ratio of 4.54 and a beta of 0.99. The firm has a fifty day simple moving average of $309.18 and a two-hundred day simple moving average of $288.52. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $335.16.

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

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer directly owned 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total transaction of $306,350.00. Following the completion of the transaction, the vice president owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,795 shares of company stock valued at $6,065,087. 1.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Smallwood Wealth Investment Management LLC acquired a new stake in Cadence Design Systems during the first quarter worth about $25,000. Costello Asset Management INC bought a new stake in Cadence Design Systems during the 1st quarter worth $25,000. Barrett & Company Inc. bought a new stake in Cadence Design Systems during the 2nd quarter worth $31,000. Saudi Central Bank bought a new stake in Cadence Design Systems during the 1st quarter worth $27,000. Finally, Valley National Advisers Inc. grew its position in Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock worth $28,000 after acquiring an additional 99 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.