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

Cadence Design Systems (NASDAQ:CDNS) had its price objective hoisted by KeyCorp from $335.00 to $340.00 in a research report report published on Monday, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other research firms have also recently commented on CDNS. Stifel Nicolaus raised their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Piper Sandler assumed coverage on Cadence Design Systems in a research report on Thursday, April 4th. They issued a neutral rating and a $334.00 target price for the company. StockNews.com upgraded Cadence Design Systems from a hold rating to a buy rating in a report on Tuesday, March 12th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $310.00 to $330.00 and gave the company an overweight rating in a report on Tuesday, February 6th. Finally, Morgan Stanley upgraded 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. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $316.10.

Cadence Design Systems Stock Performance

CDNS stock opened at $293.71 on Monday. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average price of $306.58 and a 200-day moving average price of $279.35. The firm has a market cap of $79.96 billion, a PE ratio of 76.89, a price-to-earnings-growth ratio of 3.66 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion for 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%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.75 earnings per share. As a group, equities research analysts expect 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 news, CEO Anirudh Devgan sold 1,454 shares of the company’s 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 completion of the sale, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 2,700 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $299.00, for a total transaction of $807,300.00. Following the completion of the sale, the chief financial officer now owns 76,552 shares of the company’s stock, valued at approximately $22,889,048. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,544 shares of company stock worth $53,581,207. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cibc World Market Inc. raised its stake in shares of Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after purchasing an additional 571 shares during the period. Prudential PLC bought a new stake in Cadence Design Systems in the first quarter worth about $1,160,000. Loomis Sayles & Co. L P raised its position in Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after acquiring an additional 2,534 shares during the period. Zions Bancorporation N.A. boosted its stake in Cadence Design Systems by 108.3% in the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Cadence Design Systems by 26.8% during the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after purchasing an additional 3,433 shares during the last quarter. Hedge funds and other institutional investors 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.