KeyCorp Boosts Cadence Design Systems (NASDAQ:CDNS) Price Target to $355.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective upped by KeyCorp from $350.00 to $355.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other equities research analysts have also issued reports on CDNS. Rosenblatt Securities reissued a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a report on Tuesday, April 23rd. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. StockNews.com lowered shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Thursday, May 2nd. Finally, Needham & Company LLC reissued a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, May 17th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $332.78.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $307.75 on Thursday. The firm has a market cap of $83.84 billion, a PE ratio of 80.14, a price-to-earnings-growth ratio of 3.77 and a beta of 1.04. Cadence Design Systems has a 52-week low of $217.77 and a 52-week high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $294.50 and its two-hundred day moving average is $293.96.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the firm posted $1.02 EPS. The company’s revenue was down 1.2% on a year-over-year basis. On average, research analysts expect that Cadence Design Systems will post 4.77 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Insiders have sold 39,534 shares of company stock valued at $11,735,433 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Swedbank AB purchased a new position in shares of Cadence Design Systems in the 1st quarter valued at approximately $439,988,000. Nordea Investment Management AB lifted its stake in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Wellington Management Group LLP lifted its stake in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 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.