Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $340.00 at KeyCorp

Cadence Design Systems (NASDAQ:CDNS) had its price target upped by KeyCorp from $335.00 to $340.00 in a report released on Monday morning, Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

Other equities research analysts have also issued reports about the company. Piper Sandler started coverage on Cadence Design Systems in a research report on Thursday, April 4th. They set a neutral rating and a $334.00 price target on the stock. Robert W. Baird increased their price objective on Cadence Design Systems from $289.00 to $302.00 and gave the company an outperform rating in a research report on Tuesday, February 13th. StockNews.com upgraded Cadence Design Systems from a hold rating to a buy rating in a research report on Tuesday, March 12th. Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and increased their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Stifel Nicolaus raised their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $318.10.

Cadence Design Systems Trading Down 2.7 %

CDNS stock opened at $285.90 on Monday. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36. The firm has a market cap of $77.83 billion, a P/E ratio of 74.84, a P/E/G ratio of 3.65 and a beta of 1.04. The business’s 50 day moving average is $306.16 and its 200-day moving average is $279.39. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the company posted $0.75 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $26,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the period. Harbour Investments Inc. raised its stake in shares of Cadence Design Systems by 66.1% in the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after purchasing an additional 39 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $28,000. Finally, Quarry LP raised its stake in shares of Cadence Design Systems by 550.0% in the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after purchasing an additional 88 shares during the period. Institutional investors and hedge funds 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.