Robert W. Baird Increases Cadence Design Systems (NASDAQ:CDNS) Price Target to $322.00

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its price target hoisted by Robert W. Baird from $302.00 to $322.00 in a research note issued to investors on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker's stock.

Other equities research analysts have also issued research reports about the stock. KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday. Needham & Company LLC reissued a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. Stifel Nicolaus raised their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research report on Tuesday. Finally, Piper Sandler began coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They issued a neutral rating and a $334.00 target price for the company. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Trading Down 2.7 %

Shares of CDNS stock traded down $7.81 on Thursday, hitting $285.90. 2,700,433 shares of the company's stock traded hands, compared to its average volume of 1,492,151. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36. The company's fifty day simple moving average is $306.16 and its 200 day simple moving average is $279.39. The stock has a market capitalization of $77.83 billion, a price-to-earnings ratio of 74.84, a P/E/G ratio of 3.65 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 EPS. Equities analysts forecast that Cadence Design Systems will post 4.82 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the director now directly owns 54,683 shares of the company's stock, valued at approximately $16,404,900. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the director now directly owns 54,683 shares of the company's stock, valued at approximately $16,404,900. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the transaction, the vice president now directly owns 68,144 shares of the company's stock, valued at $21,155,986.24. The disclosure for this sale can be found here. Insiders sold a total of 177,544 shares of company stock valued at $53,581,207 in the last three months. Company insiders own 1.99% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker's stock worth $6,674,006,000 after buying an additional 384,637 shares during the last quarter. State Street Corp raised its holdings in Cadence Design Systems by 3.1% in the first quarter. State Street Corp now owns 11,406,581 shares of the software maker's stock worth $2,396,402,000 after buying an additional 344,518 shares during the last quarter. Jennison Associates LLC raised its holdings in Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker's stock worth $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Cadence Design Systems by 1.7% in the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker's stock worth $1,297,925,000 after acquiring an additional 103,213 shares during the period. Finally, Norges Bank bought a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $770,945,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.