Royal Bank Of Canada Increases Cadence Design Systems, Inc. (NASDAQ:CDNS) Price Target to $39.00

Cadence Design Systems, Inc. (NASDAQ:CDNS) had its target price raised by investment analysts at Royal Bank Of Canada from $36.00 to $39.00 in a research note issued to investors on Tuesday. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 11.21% from the company’s previous close.

Several other equities analysts have also commented on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Zacks Investment Research lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Finally, DA Davidson lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Cadence Design Systems has a consensus rating of “Hold” and an average price target of $30.83.

Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 35.07 on Tuesday. Cadence Design Systems has a 52-week low of $23.83 and a 52-week high of $35.69. The stock has a market cap of $9.81 billion, a P/E ratio of 45.08 and a beta of 0.93. The firm’s 50-day moving average is $34.38 and its 200 day moving average is $31.71.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The company had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a net margin of 11.97% and a return on equity of 26.52%. The firm’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 earnings per share. Analysts forecast that Cadence Design Systems will post $1.38 earnings per share for the current fiscal year.

In other news, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the transaction, the insider now directly owns 322,734 shares in the company, valued at $11,295,690. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP James J. Cowie sold 47,500 shares of the firm’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $32.13, for a total transaction of $1,526,175.00. Following the transaction, the vice president now owns 140,832 shares in the company, valued at $4,524,932.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 502,663 shares of company stock worth $16,975,295. Insiders own 2.55% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Creative Planning raised its position in shares of Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after buying an additional 2,323 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in shares of Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock worth $200,000 after buying an additional 31 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth about $205,000. Janney Capital Management LLC acquired a new position in shares of Cadence Design Systems during the first quarter worth about $225,000. Finally, Atria Investments LLC acquired a new position in shares of Cadence Design Systems during the second quarter worth about $231,000. Institutional investors and hedge funds own 86.35% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).