Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $350.00 at Mizuho

Cadence Design Systems (NASDAQ:CDNS) had its price objective raised by Mizuho from $325.00 to $350.00 in a research note published on Friday,Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

A number of other research analysts have also weighed in on the stock. Needham & Company LLC reduced their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Robert W. Baird lifted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $327.92.

Cadence Design Systems Stock Down 0.5 %

Shares of NASDAQ CDNS opened at $306.75 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market capitalization of $84.13 billion, a PE ratio of 80.51, a P/E/G ratio of 4.19 and a beta of 1.03. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. The business’s fifty day moving average price is $289.76 and its 200-day moving average price is $285.57.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 earnings per share. On average, equities research analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the sale, the senior vice president now owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the transaction, the vice president now owns 61,761 shares in the company, valued at $16,887,927.84. This trade represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,634 shares of company stock worth $1,584,080. Insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Hedge funds have recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the third quarter worth approximately $27,000. ORG Partners LLC raised its position in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter worth $28,000. Prestige Wealth Management Group LLC boosted its position in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the period. Finally, Chilton Capital Management LLC grew its stake in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares during the last quarter. 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.