Cadence Design Systems (NASDAQ:CDNS) Given New $375.00 Price Target at KeyCorp

Cadence Design Systems (NASDAQ:CDNS) had its price objective hoisted by KeyCorp from $355.00 to $375.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

CDNS has been the subject of a number of other research reports. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their target price for the company from $300.00 to $325.00 in a report on Thursday, April 24th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Tuesday. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, April 29th. Finally, Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $324.08.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $318.77 on Thursday. Cadence Design Systems has a one year low of $221.56 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market capitalization of $87.04 billion, a price-to-earnings ratio of 82.58, a PEG ratio of 3.88 and a beta of 1.04. The company’s fifty day moving average price is $270.41 and its 200-day moving average price is $286.29.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the firm earned $1.17 EPS. The business’s quarterly revenue was up 23.1% on a year-over-year basis. On average, equities research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the completion of the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total transaction of $49,500.00. Following the completion of the transaction, the director now owns 7,411 shares in the company, valued at $2,038,025. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,577 shares of company stock valued at $5,316,411. Insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Federation des caisses Desjardins du Quebec increased its stake in Cadence Design Systems by 288.5% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 57,803 shares of the software maker’s stock worth $14,701,000 after buying an additional 42,925 shares in the last quarter. 1248 Management LLC purchased a new stake in shares of Cadence Design Systems during the first quarter worth about $94,000. Flputnam Investment Management Co. raised its stake in Cadence Design Systems by 6.2% during the 1st quarter. Flputnam Investment Management Co. now owns 4,884 shares of the software maker’s stock valued at $1,242,000 after purchasing an additional 285 shares during the period. Graham Capital Management L.P. lifted its holdings in Cadence Design Systems by 381.4% in the 1st quarter. Graham Capital Management L.P. now owns 4,530 shares of the software maker’s stock worth $1,152,000 after purchasing an additional 3,589 shares in the last quarter. Finally, Benchstone Capital Management LP bought a new position in Cadence Design Systems in the 1st quarter worth approximately $12,204,000. 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.