Credit Suisse Group Increases Cadence Design Systems (NASDAQ:CDNS) Price Target to $80.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective raised by Credit Suisse Group from $75.00 to $80.00 in a research note released on Thursday morning, BenzingaRatingsTable reports. Credit Suisse Group currently has a neutral rating on the software maker’s stock.

Several other analysts also recently issued reports on CDNS. Royal Bank of Canada reissued an outperform rating and issued a $85.00 price target on shares of Cadence Design Systems in a report on Thursday. Zacks Investment Research downgraded Cadence Design Systems from a buy rating to a hold rating and set a $74.00 price target on the stock. in a report on Tuesday, December 24th. Wells Fargo & Co raised their price target on Cadence Design Systems from $80.00 to $85.00 and gave the stock an overweight rating in a report on Thursday, February 6th. Needham & Company LLC raised their price target on Cadence Design Systems from $76.00 to $86.00 and gave the stock a buy rating in a report on Thursday. Finally, BidaskClub raised Cadence Design Systems from a hold rating to a buy rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. Cadence Design Systems has an average rating of Hold and a consensus target price of $82.00.

Shares of NASDAQ CDNS traded down $0.49 during mid-day trading on Thursday, hitting $78.76. The company had a trading volume of 1,329,600 shares, compared to its average volume of 1,438,368. The stock has a market cap of $20.94 billion, a price-to-earnings ratio of 51.82, a PEG ratio of 4.43 and a beta of 1.12. Cadence Design Systems has a 12 month low of $51.70 and a 12 month high of $79.68. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. The firm’s 50 day simple moving average is $72.90 and its two-hundred day simple moving average is $69.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Wednesday, February 12th. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $599.56 million for the quarter, compared to the consensus estimate of $595.48 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Equities analysts forecast that Cadence Design Systems will post 1.51 earnings per share for the current year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction on Monday, November 18th. The stock was sold at an average price of $68.83, for a total transaction of $3,441,500.00. Also, Director Roger S. Siboni sold 21,500 shares of Cadence Design Systems stock in a transaction on Monday, December 16th. The shares were sold at an average price of $68.39, for a total value of $1,470,385.00. Following the sale, the director now directly owns 50,479 shares in the company, valued at approximately $3,452,258.81. The disclosure for this sale can be found here. Insiders have sold a total of 353,949 shares of company stock worth $25,290,546 in the last ninety days. 2.34% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in CDNS. Orion Portfolio Solutions LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at $25,000. Shine Investment Advisory Services Inc. increased its position in shares of Cadence Design Systems by 50.5% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock valued at $30,000 after purchasing an additional 152 shares during the period. Advisory Services Network LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at $31,000. Ancora Advisors LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at $35,000. Finally, Prime Capital Investment Advisors LLC acquired a new position in shares of Cadence Design Systems during the 3rd quarter valued at $35,000. 85.90% of the stock is currently 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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