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 research report sent to investors on Monday, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Other research analysts also recently issued research reports about the company. Needham & Company LLC reiterated a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Wednesday, March 6th. Wells Fargo & Company upped their target price on Cadence Design Systems from $310.00 to $330.00 and gave the stock an overweight rating in a report on Tuesday, February 6th. Rosenblatt Securities downgraded Cadence Design Systems from a buy rating to a neutral rating and upped their target price for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. StockNews.com upgraded Cadence Design Systems from a hold rating to a buy rating in a report on Tuesday, March 12th. Finally, Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and upped their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $318.10.

Cadence Design Systems Trading Down 2.7 %

CDNS opened at $285.90 on Monday. The business has a 50 day simple moving average of $306.16 and a two-hundred day simple moving average of $279.39. The firm has a market capitalization of $77.83 billion, a price-to-earnings ratio of 74.84, a PEG ratio of 3.65 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36.

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

Insider Activity at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the transaction, the director now directly owns 54,683 shares of the company’s stock, valued at approximately $16,404,900. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust increased its stake in Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after buying an additional 38 shares in the last quarter. Highview Capital Management LLC DE increased its stake in Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares in the last quarter. Fiduciary Trust Co increased its stake in Cadence Design Systems by 0.6% in the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares in the last quarter. Harbour Investments Inc. increased its stake in Cadence Design Systems by 66.1% in the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after buying an additional 39 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC grew its position in shares of Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

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.