Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $320.00 at Needham & Company LLC

Cadence Design Systems (NASDAQ:CDNSGet Free Report) had its price target upped by equities research analysts at Needham & Company LLC from $315.00 to $320.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 4.38% from the stock’s previous close.

A number of other analysts have also recently weighed in on CDNS. Wells Fargo & Company upped their price target on Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Tuesday, February 6th. Rosenblatt Securities cut Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their target price for the stock from $265.00 to $280.00 in a report on Tuesday. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, February 7th. Morgan Stanley assumed coverage on Cadence Design Systems in a report on Friday, November 10th. They set an “equal weight” rating and a $260.00 target price on the stock. Finally, KeyCorp increased their target price on Cadence Design Systems from $290.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, February 5th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $290.78.

Check Out Our Latest Analysis on CDNS

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $306.58 on Tuesday. The business has a fifty day simple moving average of $278.12 and a 200 day simple moving average of $255.40. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $83.41 billion, a price-to-earnings ratio of 87.34, a PEG ratio of 3.76 and a beta of 1.07. Cadence Design Systems has a one year low of $183.80 and a one year high of $315.70.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the business posted $0.75 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. Sell-side analysts expect that Cadence Design Systems will post 4.14 EPS for the current year.

Insider Activity

In other news, VP Karna Nisewaner sold 700 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $272.85, for a total transaction of $190,995.00. Following the transaction, the vice president now owns 19,609 shares of the company’s stock, valued at $5,350,315.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, VP Karna Nisewaner sold 700 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $272.85, for a total value of $190,995.00. Following the transaction, the vice president now owns 19,609 shares of the company’s stock, valued at $5,350,315.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Chin-Chi Teng sold 7,500 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $270.32, for a total value of $2,027,400.00. Following the completion of the transaction, the vice president now directly owns 109,179 shares in the company, valued at approximately $29,513,267.28. The disclosure for this sale can be found here. Insiders have sold 70,178 shares of company stock valued at $19,409,553 over the last 90 days. 1.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently added to or reduced their stakes in the stock. Oak Grove Capital LLC lifted its stake in Cadence Design Systems by 33.3% in the fourth quarter. Oak Grove Capital LLC now owns 1,200 shares of the software maker’s stock valued at $327,000 after buying an additional 300 shares during the period. Bank of Nova Scotia raised its position in shares of Cadence Design Systems by 69.2% during the fourth quarter. Bank of Nova Scotia now owns 318,365 shares of the software maker’s stock worth $86,677,000 after purchasing an additional 130,199 shares during the period. AMJ Financial Wealth Management raised its position in shares of Cadence Design Systems by 6.4% during the fourth quarter. AMJ Financial Wealth Management now owns 25,606 shares of the software maker’s stock worth $6,974,000 after purchasing an additional 1,546 shares during the period. Axiom Investors LLC DE raised its position in shares of Cadence Design Systems by 16.9% during the fourth quarter. Axiom Investors LLC DE now owns 896,846 shares of the software maker’s stock worth $244,274,000 after purchasing an additional 129,762 shares during the period. Finally, Avestar Capital LLC acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth about $340,000. Institutional investors and hedge funds own 83.95% of the company’s stock.

About Cadence Design Systems

(Get Free Report)

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.

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