Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $395.00

Key Points

• Stifel Nicolaus raised its price target for Cadence Design Systems from $350.00 to $395.00, indicating a potential upside of 9.51% from the prior close.
• The company reported a quarterly earnings per share of $1.65, surpassing analysts' expectations of $1.56, with revenue rising 20.2% year-over-year.
• Cadence Design Systems received multiple upgrades from various brokerages, with a consensus rating of "Moderate Buy" and an average price target of $347.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) had its target price raised by equities researchers at Stifel Nicolaus from $350.00 to $395.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the software maker's stock. Stifel Nicolaus' price objective would indicate a potential upside of 6.46% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC boosted their target price on shares of Cadence Design Systems from $325.00 to $390.00 and gave the stock a "buy" rating in a research report on Tuesday. KeyCorp reissued an "overweight" rating and issued a $358.00 price target (up previously from $340.00) on shares of Cadence Design Systems in a report on Thursday, July 10th. The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They issued a "buy" rating and a $380.00 target price on the stock. Wall Street Zen downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $359.00.

Cadence Design Systems Stock Up 1.3%

Shares of CDNS stock traded up $4.77 during trading on Tuesday, hitting $371.03. 3,882,105 shares of the company were exchanged, compared to its average volume of 1,705,671. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. The firm has a market capitalization of $101.31 billion, a price-to-earnings ratio of 100.28, a P/E/G ratio of 5.09 and a beta of 0.99. The business's 50-day simple moving average is $311.64 and its 200 day simple moving average is $289.87. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $374.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The firm had revenue of $1.28 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the previous year, the company earned $1.28 earnings per share. The company's revenue was up 20.2% compared to the same quarter last year. As a group, analysts forecast that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction 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 transaction, the vice president owned 105,499 shares of the company's stock, valued at $32,319,618.65. The trade was a 0.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,085 shares of company stock worth $4,652,087. 1.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Park Square Financial Group LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter worth $348,000. Merit Financial Group LLC boosted its position in shares of Cadence Design Systems by 42.6% in the first quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker's stock worth $805,000 after purchasing an additional 946 shares during the period. Novem Group boosted its position in shares of Cadence Design Systems by 30.3% in the first quarter. Novem Group now owns 4,067 shares of the software maker's stock worth $1,034,000 after purchasing an additional 945 shares during the period. Seilern Investment Management Ltd bought a new position in shares of Cadence Design Systems in the first quarter worth approximately $64,800,000. Finally, Integrated Advisors Network LLC boosted its stake in shares of Cadence Design Systems by 156.9% in the fourth quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock worth $1,023,000 after acquiring an additional 2,080 shares during the period. Hedge funds and other 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.