Cadence Design Systems (NASDAQ:CDNS - Get Free Report)'s stock had its "neutral" rating reiterated by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $300.00 price target on the software maker's stock. Rosenblatt Securities' price objective suggests a potential downside of 17.61% from the company's previous close.
Other research analysts have also issued reports about the company. Loop Capital upped their price target on Cadence Design Systems from $340.00 to $370.00 and gave the company a "buy" rating in a research report on Monday, July 14th. Needham & Company LLC reiterated a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. KeyCorp reaffirmed an "overweight" rating and set a $358.00 price objective (up from $340.00) on shares of Cadence Design Systems in a research note on Thursday, July 10th. The Goldman Sachs Group began coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a "buy" rating and a $380.00 price target on the stock. Finally, Robert W. Baird upped their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $357.67.
Read Our Latest Analysis on CDNS
Cadence Design Systems Stock Up 9.1%
Cadence Design Systems stock traded up $30.38 during midday trading on Friday, hitting $364.14. 2,831,781 shares of the company were exchanged, compared to its average volume of 2,065,628. The company's fifty day moving average price is $309.66 and its 200-day moving average price is $288.77. The company has a market cap of $99.43 billion, a PE ratio of 92.36, a price-to-earnings-growth ratio of 4.62 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $370.61.
Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. The business had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.28 EPS. On average, research analysts predict that Cadence Design Systems will post 5.41 EPS for the current fiscal year.
Insider Buying and Selling
In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This trade represents a 2.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the transaction, the vice president owned 105,499 shares in the company, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,085 shares of company stock worth $4,652,087 over the last 90 days. Company insiders own 0.37% of the company's stock.
Institutional Investors Weigh In On Cadence Design Systems
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Petros Family Wealth LLC raised its position in shares of Cadence Design Systems by 2.6% in the second quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker's stock worth $394,000 after buying an additional 32 shares in the last quarter. Hemington Wealth Management increased its holdings in shares of Cadence Design Systems by 14.0% in the second quarter. Hemington Wealth Management now owns 261 shares of the software maker's stock worth $80,000 after buying an additional 32 shares during the period. Legacy Capital Wealth Partners LLC boosted its position in Cadence Design Systems by 2.8% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after acquiring an additional 33 shares in the last quarter. Accredited Investors Inc. boosted its position in Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after acquiring an additional 36 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its position in Cadence Design Systems by 4.1% during the 1st quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock valued at $232,000 after acquiring an additional 36 shares in the last quarter. Institutional investors own 84.85% of the company's stock.
Cadence Design Systems Company Profile
(
Get Free Report)
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.
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