Cadence Design Systems (NASDAQ:CDNS) Reaches New 52-Week High – Here’s What Happened

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $374.05 and last traded at $371.03, with a volume of 3882105 shares trading hands. The stock had previously closed at $366.26.

Analysts Set New Price Targets

CDNS has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research note on Thursday, July 10th. They set a “buy” rating and a $380.00 price target for the company. JPMorgan Chase & Co. increased their price objective on shares of Cadence Design Systems from $330.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday. Bank of America increased their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Piper Sandler reiterated a “neutral” rating and set a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $359.00.

Cadence Design Systems Price Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 2.82 and a quick ratio of 2.90. The firm has a market capitalization of $101.31 billion, a price-to-earnings ratio of 100.28, a PEG ratio of 5.09 and a beta of 0.99. The business’s fifty day simple moving average is $311.64 and its 200 day simple moving average is $289.87.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the company posted $1.28 earnings per share. The business’s quarterly revenue was up 20.2% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total value of $3,328,470.00. Following the transaction, the chief executive officer directly owned 209,548 shares of the company’s stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the transaction, the director directly owned 23,996 shares in the company, valued at $7,677,520.20. This trade represents a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,435 shares of company stock valued at $4,455,137 over the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Smallwood Wealth Investment Management LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at about $25,000. Costello Asset Management INC bought a new position in shares of Cadence Design Systems during the first quarter valued at about $25,000. Saudi Central Bank bought a new position in shares of Cadence Design Systems during the first quarter valued at about $27,000. Valley National Advisers Inc. lifted its position in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock valued at $28,000 after purchasing an additional 99 shares in the last quarter. Finally, Barrett & Company Inc. bought a new position in shares of Cadence Design Systems during the second quarter valued at about $31,000. 84.85% of the stock is owned by institutional investors.

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.