Robert W. Baird Raises Cadence Design Systems (NASDAQ:CDNS) Price Target to $322.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective boosted by equities research analysts at Robert W. Baird from $302.00 to $322.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target points to a potential upside of 9.63% from the company’s current price.

A number of other research analysts also recently commented on CDNS. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday. KeyCorp increased their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday. 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 report on Tuesday, February 13th. Finally, Rosenblatt Securities downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their price target for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $293.71 on Thursday. The stock’s fifty day moving average is $306.58 and its two-hundred day moving average is $279.35. The firm has a market capitalization of $79.96 billion, a P/E ratio of 76.89, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.06 billion. During the same period last year, the business posted $0.75 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts anticipate that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the sale, the director now owns 54,683 shares of the company’s stock, valued at approximately $16,404,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the transaction, the director now directly owns 54,683 shares in the company, valued at approximately $16,404,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares in the company, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 in the last quarter. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale grew its holdings in shares of Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after buying an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth about $934,000. Pacer Advisors Inc. lifted its position in shares of Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Cadence Design Systems in the fourth quarter worth about $55,443,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.