Cadence Design Systems (NASDAQ:CDNS) Given New $350.00 Price Target at Bank of America

Cadence Design Systems (NASDAQ:CDNSFree Report) had its price objective boosted by Bank of America from $330.00 to $350.00 in a research note published on Thursday, Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Morgan Stanley upgraded shares of Cadence Design Systems from an equal weight rating to an overweight rating and boosted their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. StockNews.com downgraded Cadence Design Systems from a buy rating to a hold rating in a report on Thursday, May 2nd. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a research note on Thursday, April 18th. Finally, Rosenblatt Securities restated a neutral rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems has a consensus rating of Moderate Buy and an average target price of $331.11.

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Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $286.31 on Thursday. The stock has a market cap of $77.91 billion, a price-to-earnings ratio of 74.56, a P/E/G ratio of 3.53 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a twelve month low of $217.77 and a twelve month high of $327.36. The company’s fifty day moving average is $293.88 and its 200 day moving average is $288.34.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the company posted $1.02 EPS. The business’s revenue was down 1.2% on a year-over-year basis. Sell-side analysts forecast that Cadence Design Systems will post 4.77 EPS for the current year.

Insiders Place Their Bets

In other news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at $7,229,914.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $309.16, for a total transaction of $463,740.00. Following the completion of the sale, the director now owns 51,683 shares in the company, valued at approximately $15,978,316.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,937 shares of company stock worth $31,631,416. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Norges Bank purchased a new position in Cadence Design Systems during the fourth quarter worth about $1,141,059,000. Northern Trust Corp grew its position in Cadence Design Systems by 5.6% in the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

(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.

Further Reading

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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