Brokerages Set Cadence Design Systems, Inc. (NASDAQ:CDNS) Price Target at $334.56

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $334.56.

A number of analysts have issued reports on CDNS shares. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. KeyCorp lifted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $264.72 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a twelve month low of $227.05 and a twelve month high of $328.99. The business has a 50-day moving average price of $275.72 and a 200-day moving average price of $292.03. The firm has a market cap of $72.12 billion, a price-to-earnings ratio of 68.94, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.94 EPS. As a group, equities research analysts predict that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The disclosure for this sale can be found here. Insiders sold 37,613 shares of company stock valued at $10,701,156 over the last three months. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new stake in shares of Cadence Design Systems in the second quarter valued at about $4,661,000. New Century Financial Group LLC raised its holdings in shares of Cadence Design Systems by 88.7% in the 2nd quarter. New Century Financial Group LLC now owns 3,145 shares of the software maker’s stock valued at $968,000 after purchasing an additional 1,478 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its position in shares of Cadence Design Systems by 11.5% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 63,719 shares of the software maker’s stock worth $19,609,000 after purchasing an additional 6,554 shares during the period. Cetera Investment Advisers boosted its stake in shares of Cadence Design Systems by 7.7% during the second quarter. Cetera Investment Advisers now owns 53,659 shares of the software maker’s stock valued at $16,513,000 after purchasing an additional 3,843 shares in the last quarter. Finally, 3Chopt Investment Partners LLC purchased a new position in Cadence Design Systems during the second quarter valued at approximately $253,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

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.