Rosenblatt Securities Forecasts Strong Price Appreciation for Cadence Design Systems (NASDAQ:CDNS) Stock

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its price target increased by Rosenblatt Securities from $295.00 to $300.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker's stock.

Several other equities analysts have also recently weighed in on CDNS. Loop Capital lowered their target price on 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. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. Oppenheimer lowered their target price on shares of 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. Piper Sandler upped their price target on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $300.00 to $325.00 in a research report on Thursday, April 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $322.54.

Cadence Design Systems Price Performance

NASDAQ:CDNS traded up $8.42 during mid-day trading on Tuesday, reaching $308.15. 1,935,489 shares of the stock were exchanged, compared to its average volume of 1,955,760. The business has a fifty day moving average price of $258.32 and a 200 day moving average price of $282.94. The firm has a market capitalization of $84.53 billion, a PE ratio of 79.83, a PEG ratio of 3.88 and a beta of 1.14. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems has a 1-year low of $221.56 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company 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 firm earned $1.17 earnings per share. Cadence Design Systems's revenue for the quarter was up 23.1% compared to the same quarter last year. Research analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm's stock in a transaction that occurred 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 approximately $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. Over the last ninety days, insiders have sold 6,840 shares of company stock valued at $1,980,999. 1.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems in the first quarter valued at about $25,000. Golden State Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $28,000. Valley National Advisers Inc. grew its stake in Cadence Design Systems by 707.1% in the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares in the last quarter. Ancora Advisors LLC increased its holdings in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares during the last quarter. Finally, Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $39,000. Institutional investors 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.