Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $322.00 at Robert W. Baird

Cadence Design Systems (NASDAQ:CDNS) had its price target boosted by Robert W. Baird from $302.00 to $322.00 in a research report released on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

CDNS has been the topic of a number of other reports. Rosenblatt Securities cut shares of Cadence Design Systems from a buy rating to a neutral rating and boosted their target price for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research report on Tuesday. Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and boosted their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. StockNews.com downgraded Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $318.10.

Cadence Design Systems Stock Down 2.7 %

Shares of Cadence Design Systems stock opened at $285.90 on Thursday. Cadence Design Systems has a twelve month low of $194.01 and a twelve month high of $327.36. The stock has a market cap of $77.83 billion, a price-to-earnings ratio of 74.84, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average price of $306.16 and a 200 day moving average price of $279.39.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. Equities research analysts forecast that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now owns 54,683 shares in the company, valued at $16,404,900. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock worth $53,581,207 over the last ninety days. 1.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently modified their holdings of the company. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in Cadence Design Systems during the 1st quarter valued at about $96,000. Consilio Wealth Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth approximately $302,000. Claro Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth approximately $201,000. Miracle Mile Advisors LLC grew its holdings in Cadence Design Systems by 38.3% in the 1st quarter. Miracle Mile Advisors LLC now owns 4,744 shares of the software maker’s stock worth $1,477,000 after buying an additional 1,314 shares in the last quarter. Finally, Kowal Investment Group LLC increased its position in Cadence Design Systems by 33.8% in the 1st quarter. Kowal Investment Group LLC now owns 1,496 shares of the software maker’s stock valued at $466,000 after acquiring an additional 378 shares during the period. 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.