Robert W. Baird Forecasts Strong Price Appreciation for Cadence Design Systems (NASDAQ:CDNS) Stock

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its price objective hoisted by equities researchers at Robert W. Baird from $293.00 to $325.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the software maker's stock. Robert W. Baird's target price would indicate a potential upside of 8.43% from the company's current price.

A number of other research analysts have also recently weighed in on CDNS. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a "neutral" rating in a report on Tuesday. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Loop Capital reduced their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Oppenheimer lowered their price objective on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $322.54.

Cadence Design Systems Stock Performance

CDNS stock traded up $1.99 during trading on Tuesday, reaching $299.73. The company had a trading volume of 2,302,655 shares, compared to its average volume of 1,952,254. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $328.99. The firm has a 50-day simple moving average of $257.13 and a 200-day simple moving average of $282.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company has a market cap of $82.22 billion, a price-to-earnings ratio of 77.65, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its earnings results 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 firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems's revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.17 earnings per share. As a group, sell-side analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Scannell sold 4,710 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the completion of the sale, the vice president now directly owns 28,442 shares of the company's stock, valued at $8,532,600. This represents a 14.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,840 shares of company stock valued at $1,980,999. Insiders own 1.99% of the company's stock.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in Cadence Design Systems during the fourth quarter worth about $1,170,209,000. GAMMA Investing LLC boosted its position in shares of Cadence Design Systems by 31,049.1% in the 1st quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after buying an additional 1,214,330 shares in the last quarter. Schroder Investment Management Group grew its position in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after purchasing an additional 716,041 shares during the last quarter. FMR LLC grew its holdings in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock valued at $2,397,266,000 after buying an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in Cadence Design Systems by 12.5% during the 4th 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.

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.