Rosenblatt Securities Raises Cadence Design Systems (NASDAQ:CDNS) Price Target to $295.00

Cadence Design Systems (NASDAQ:CDNS) had its price target upped by stock analysts at Rosenblatt Securities from $280.00 to $295.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Rosenblatt Securities’ price target indicates a potential downside of 1.81% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Wednesday. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Loop Capital started coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $329.00.

Cadence Design Systems Trading Up 1.8 %

CDNS opened at $300.43 on Wednesday. The company’s 50 day moving average is $302.96 and its 200-day moving average is $287.16. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. 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 company has a market cap of $82.40 billion, a P/E ratio of 78.85, a PEG ratio of 3.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Equities research analysts predict that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,538,875 in the last quarter. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth about $28,000. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Ancora Advisors LLC boosted its holdings in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares during the last quarter. Finally, Avalon Trust Co bought a new stake in Cadence Design Systems in the 4th quarter valued at about $39,000. Institutional investors own 84.85% of the company’s stock.

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.