Cadence Design Systems (NASDAQ:CDNS) Given New $341.00 Price Target at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its target price hoisted by Robert W. Baird from $322.00 to $341.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other equities analysts also recently weighed in on CDNS. KeyCorp raised their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an overweight rating in a research note on Thursday, June 27th. Rosenblatt Securities reaffirmed a neutral rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler dropped their target price on Cadence Design Systems from $334.00 to $318.00 and set a neutral rating on the stock in a report on Tuesday, April 23rd. Bank of America raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a buy rating in a report on Thursday, May 30th. Finally, Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $334.89.

Cadence Design Systems Trading Up 1.9 %

CDNS opened at $316.78 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a 52 week low of $217.77 and a 52 week high of $328.99. The stock has a market cap of $86.30 billion, a PE ratio of 82.41, a PEG ratio of 3.77 and a beta of 1.03. The business has a 50 day moving average of $295.02 and a 200-day moving average of $294.24.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 earnings per share. Equities research analysts predict that Cadence Design Systems will post 4.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,134 shares of company stock worth $14,978,483. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after purchasing an additional 437,101 shares in the last quarter. Jennison Associates LLC raised its position in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares during the period. Norges Bank purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at $1,141,059,000. Nordea Investment Management AB boosted its holdings in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after buying an additional 145,351 shares during the period. Finally, Van ECK Associates Corp increased its stake in Cadence Design Systems by 25.4% in the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock worth $618,330,000 after buying an additional 402,884 shares in the last quarter. 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.