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

Cadence Design Systems (NASDAQ:CDNS) had its price objective raised by KeyCorp from $350.00 to $355.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other equities research analysts also recently weighed in on CDNS. Needham & Company LLC restated a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, May 17th. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Rosenblatt Securities reissued a neutral rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Finally, StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $332.78.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $307.75 on Thursday. The company has a market capitalization of $83.84 billion, a price-to-earnings ratio of 80.14, a PEG ratio of 3.77 and a beta of 1.04. The company has a 50-day simple moving average of $294.50 and a 200 day simple moving average of $293.83. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems has a 52 week low of $217.77 and a 52 week high of $328.99.

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

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the sale, the vice president now directly owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the transaction, the vice president now directly owns 68,144 shares in the company, valued at $21,155,986.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of 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. Over the last 90 days, insiders have sold 41,134 shares of company stock worth $12,232,169. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares during the period. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares during the period. Norges Bank purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB raised its holdings in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after purchasing an additional 145,351 shares during the period. Finally, Van ECK Associates Corp grew its holdings in Cadence Design Systems by 25.4% during the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares during the period. 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.