Cadence Design Systems (NASDAQ:CDNS) had its price objective hoisted by UBS Group from $91.00 to $125.00 in a research note published on Wednesday morning, Anlyst Ratings reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other equities research analysts have also commented on the company. Credit Suisse Group restated a hold rating and issued a $80.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 17th. BidaskClub raised shares of Cadence Design Systems from a hold rating to a buy rating in a report on Friday, September 4th. Bank of America lifted their price objective on shares of Cadence Design Systems from $115.00 to $128.00 and gave the company a buy rating in a report on Tuesday, July 21st. Needham & Company LLC increased their target price on shares of Cadence Design Systems from $86.00 to $115.00 and gave the stock a buy rating in a research note on Tuesday, July 21st. Finally, Royal Bank of Canada lifted their price target on Cadence Design Systems from $101.00 to $120.00 and gave the company an outperform rating in a research note on Tuesday, July 21st. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $105.55.

NASDAQ CDNS opened at $115.69 on Wednesday. Cadence Design Systems has a 1 year low of $51.39 and a 1 year high of $118.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.42 and a quick ratio of 1.39. The company has a market capitalization of $32.25 billion, a PE ratio of 31.87, a P/E/G ratio of 4.47 and a beta of 1.10. The company has a fifty day moving average of $106.61 and a 200 day moving average of $95.07.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 20th. The software maker reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.14. Cadence Design Systems had a return on equity of 50.84% and a net margin of 41.74%. The business had revenue of $638.42 million during the quarter, compared to analyst estimates of $591.09 million. During the same quarter last year, the business posted $0.57 EPS. The company’s revenue was up 10.0% on a year-over-year basis. Research analysts expect that Cadence Design Systems will post 1.88 earnings per share for the current year.

In other Cadence Design Systems news, CFO John M. Wall sold 15,000 shares of Cadence Design Systems stock in a transaction on Monday, July 27th. The shares were sold at an average price of $104.26, for a total transaction of $1,563,900.00. Following the sale, the chief financial officer now owns 185,946 shares of the company’s stock, valued at approximately $19,386,729.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction on Monday, August 17th. The stock was sold at an average price of $109.39, for a total transaction of $5,469,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 141,569 shares of company stock worth $15,402,667. 2.58% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Lloyd Advisory Services LLC. purchased a new stake in Cadence Design Systems during the 2nd quarter valued at about $26,000. Allworth Financial LP purchased a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $29,000. FDx Advisors Inc. purchased a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $31,000. Global Retirement Partners LLC acquired a new stake in shares of Cadence Design Systems in the second quarter valued at approximately $38,000. Finally, Bay Harbor Wealth Management LLC purchased a new position in Cadence Design Systems during the second quarter worth approximately $41,000. 86.11% of the stock is currently owned by hedge funds and other institutional investors.

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 emulation platform; and Protium, a prototyping platform for chip verification.

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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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