Cadence Design Systems (NASDAQ:CDNS) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Cadence Design Systems (NASDAQ:CDNS) 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.

Other research analysts have also issued reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Oppenheimer cut their price target on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Finally, Bank of America reduced their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $322.54.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $302.22 on Tuesday. The firm has a market cap of $82.90 billion, a P/E ratio of 78.30, a P/E/G ratio of 3.88 and a beta of 1.14. The stock’s 50 day moving average is $255.41 and its 200 day moving average is $282.31. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. Cadence Design Systems has a one year low of $221.56 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. 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 prior year, the firm posted $1.17 EPS. The company’s quarterly revenue was up 23.1% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This represents a 2.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,130 shares of company stock valued at $567,999 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,170,209,000. GAMMA Investing LLC boosted its position in Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock worth $309,835,000 after purchasing an additional 1,214,330 shares during the last quarter. Schroder Investment Management Group grew its stake in Cadence Design Systems by 53.1% in the 4th 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 period. FMR LLC increased its position in shares of 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 purchasing an additional 639,146 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock worth $1,705,469,000 after buying an additional 632,175 shares during the last quarter. Hedge funds and other institutional investors 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.