Cadence Design Systems (CDNS) PT Raised to $62.00

Cadence Design Systems (NASDAQ:CDNS) had its price target increased by equities researchers at Credit Suisse Group from $46.00 to $62.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has a “neutral” rating on the software maker’s stock. Credit Suisse Group’s target price points to a potential downside of 8.13% from the stock’s current price.

CDNS has been the topic of a number of other reports. Needham & Company LLC increased their price objective on Cadence Design Systems from $60.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Monday, February 4th. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, February 15th. DA Davidson upped their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. Finally, ValuEngine upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $59.44.

Shares of CDNS stock opened at $67.49 on Wednesday. The company has a current ratio of 1.45, a quick ratio of 1.30 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $18.97 billion, a PE ratio of 54.87, a PEG ratio of 3.97 and a beta of 1.11. Cadence Design Systems has a fifty-two week low of $39.08 and a fifty-two week high of $69.69.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.08. The business had revenue of $577.00 million for the quarter, compared to analyst estimates of $569.34 million. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 earnings per share. Research analysts anticipate that Cadence Design Systems will post 1.4 EPS for the current year.

In other news, CEO Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $64.98, for a total value of $2,599,200.00. Following the sale, the chief executive officer now owns 859,852 shares in the company, valued at $55,873,182.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas P. Beckley sold 23,208 shares of the stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $48.00, for a total value of $1,113,984.00. The disclosure for this sale can be found here. Insiders sold 392,227 shares of company stock worth $21,982,062 in the last 90 days. Company insiders own 2.34% of the company’s stock.

A number of hedge funds have recently modified their holdings of CDNS. Martingale Asset Management L P boosted its position in Cadence Design Systems by 59.5% during the third quarter. Martingale Asset Management L P now owns 883,830 shares of the software maker’s stock worth $40,056,000 after purchasing an additional 329,802 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Cadence Design Systems by 0.5% during the third quarter. Dimensional Fund Advisors LP now owns 1,149,569 shares of the software maker’s stock worth $52,096,000 after purchasing an additional 5,711 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Cadence Design Systems by 34.4% during the third quarter. JPMorgan Chase & Co. now owns 393,014 shares of the software maker’s stock worth $17,811,000 after purchasing an additional 100,567 shares in the last quarter. LPL Financial LLC purchased a new position in Cadence Design Systems during the third quarter worth approximately $222,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in Cadence Design Systems by 306.2% during the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 32,900 shares of the software maker’s stock worth $1,491,000 after purchasing an additional 24,800 shares in the last quarter. Institutional investors own 87.54% of the company’s stock.

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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