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

Cadence Design Systems (NASDAQ:CDNS) had its price objective boosted by stock analysts at KeyCorp from $335.00 to $340.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price objective would indicate a potential upside of 13.03% from the company’s current price.

CDNS has been the topic of a number of other research reports. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, Robert W. Baird boosted their target price on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Stock Down 0.2 %

Shares of NASDAQ CDNS opened at $300.81 on Monday. The company has a market capitalization of $81.89 billion, a P/E ratio of 78.75, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company’s 50 day moving average price is $306.73 and its 200-day moving average price is $279.25.

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, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.75 EPS. Equities analysts forecast 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, VP Aneel Zaman sold 1,207 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 $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212,044 shares of company stock worth $63,106,522. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Cibc World Market Inc. boosted its holdings in shares of Cadence Design Systems by 2.7% in the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after buying an additional 571 shares during the last quarter. Prudential PLC purchased a new position in shares of Cadence Design Systems in the 1st quarter worth about $1,160,000. Loomis Sayles & Co. L P boosted its holdings in shares of Cadence Design Systems by 1,030.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after buying an additional 2,534 shares during the last quarter. Zions Bancorporation N.A. boosted its holdings in shares of Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after buying an additional 117 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after buying an additional 3,433 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other 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.