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

Cadence Design Systems (NASDAQ:CDNS) had its price target increased by investment analysts at Mizuho from $300.00 to $325.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Mizuho’s price objective would suggest a potential upside of 9.51% from the stock’s previous close.

A number of other equities analysts have also issued reports on CDNS. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Rosenblatt Securities upped their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research report on Tuesday. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Robert W. Baird raised their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Bank of America decreased their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $322.54.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $296.78 on Tuesday. Cadence Design Systems has a 1-year low of $221.56 and a 1-year high of $328.99. The firm has a fifty day simple moving average of $254.77 and a 200-day simple moving average of $282.17. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $81.41 billion, a price-to-earnings ratio of 76.55, a PEG ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.08. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. During the same period in the prior year, the company earned $1.17 earnings per share. On average, sell-side analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the transaction, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This trade represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,130 shares of company stock worth $567,999 over the last 90 days. 1.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. IFM Investors Pty Ltd boosted its stake in shares of Cadence Design Systems by 8.7% during the 1st quarter. IFM Investors Pty Ltd now owns 57,850 shares of the software maker’s stock worth $15,679,000 after buying an additional 4,626 shares during the last quarter. GF Fund Management CO. LTD. raised its stake in Cadence Design Systems by 1.2% in the 1st quarter. GF Fund Management CO. LTD. now owns 88,462 shares of the software maker’s stock valued at $22,499,000 after acquiring an additional 1,044 shares during the period. Conning Inc. increased its holdings in shares of Cadence Design Systems by 24.1% in the first quarter. Conning Inc. now owns 1,764 shares of the software maker’s stock valued at $449,000 after purchasing an additional 343 shares during the last quarter. Checchi Capital Advisers LLC raised its position in shares of Cadence Design Systems by 8.5% in the first quarter. Checchi Capital Advisers LLC now owns 2,159 shares of the software maker’s stock valued at $549,000 after purchasing an additional 169 shares during the period. Finally, D.A. Davidson & CO. lifted its stake in shares of Cadence Design Systems by 8.0% during the 1st quarter. D.A. Davidson & CO. now owns 3,147 shares of the software maker’s stock worth $800,000 after buying an additional 232 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

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.