Cadence Design Systems (NASDAQ:CDNS) Stock Price Expected to Rise, Mizuho Analyst Says

Cadence Design Systems (NASDAQ:CDNS) had its price objective increased by equities research analysts at Mizuho from $325.00 to $350.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Mizuho’s price target suggests a potential upside of 13.56% from the company’s previous close.

CDNS has been the subject of several other reports. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Finally, Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $327.92.

Cadence Design Systems Stock Down 0.2 %

CDNS stock opened at $308.22 on Friday. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The business’s 50 day simple moving average is $289.00 and its 200 day simple moving average is $285.60. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $84.53 billion, a PE ratio of 80.90, a PEG ratio of 4.19 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 earnings per share. As a group, research analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Activity

In related news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total value of $177,736.00. Following the completion of the transaction, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. This represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,634 shares of company stock worth $1,584,080. 1.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds have recently made changes to their positions in the stock. Missouri Trust & Investment Co bought a new position in Cadence Design Systems in the 3rd quarter valued at approximately $27,000. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems during the 3rd quarter worth $28,000. Prestige Wealth Management Group LLC increased its holdings in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Finally, Chilton Capital Management LLC raised its position in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.