Fintel reports that on July 20, 2023, Stifel upgraded their outlook for Cadence Design Systems (NASDAQ:CDNS) from Hold to Buy .
Analyst Price Forecast Suggests 0.85% Upside
As of July 6, 2023, the average one-year price target for Cadence Design Systems is 240.83. The forecasts range from a low of 212.10 to a high of $273.00. The average price target represents an increase of 0.85% from its latest reported closing price of 238.79.
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The projected annual revenue for Cadence Design Systems is 3,931MM, an increase of 6.77%. The projected annual non-GAAP EPS is 4.73.
What is the Fund Sentiment?
There are 1998 funds or institutions reporting positions in Cadence Design Systems. This is an increase of 114 owner(s) or 6.05% in the last quarter. Average portfolio weight of all funds dedicated to CDNS is 0.48%, a decrease of 7.74%. Total shares owned by institutions increased in the last three months by 259.57% to 983,667K shares. 
The put/call ratio of CDNS is 1.20, indicating a bearish outlook.
What are Other Shareholders Doing?
Bank Julius Baer & Co. Ltd, Zurich holds 714,379K shares representing 261.98% ownership of the company. In it's prior filing, the firm reported owning 728K shares, representing an increase of 99.90%. The firm increased its portfolio allocation in CDNS by 3.55% over the last quarter.
Massachusetts Financial Services holds 10,818K shares representing 3.97% ownership of the company. In it's prior filing, the firm reported owning 10,897K shares, representing a decrease of 0.73%. The firm decreased its portfolio allocation in CDNS by 80.48% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,447K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 8,336K shares, representing an increase of 1.31%. The firm increased its portfolio allocation in CDNS by 22.36% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 6,401K shares representing 2.35% ownership of the company. In it's prior filing, the firm reported owning 6,341K shares, representing an increase of 0.93%. The firm increased its portfolio allocation in CDNS by 22.42% over the last quarter.
Geode Capital Management holds 6,189K shares representing 2.27% ownership of the company. In it's prior filing, the firm reported owning 6,085K shares, representing an increase of 1.67%. The firm increased its portfolio allocation in CDNS by 23.03% over the last quarter.
Cadence Design Systems Background Information
(This description is provided by the company.)
Cadence Design Systems Inc. is a pivotal leader in electronic design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world's most innovative companies, delivering extraordinary electronic products from chips to boards to systems for the most dynamic market applications, including consumer, hyperscale computing, 5G communications, automotive, mobile, aerospace, industrial and healthcare. For six years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For.
Additional reading:
- Cadence Announces $200 Million Accelerated Share Repurchase Agreement
- Cadence Reports First Quarter 2023 Financial Results
- Q1 2023 KEY METRICS
- Cadence Reports Fourth Quarter and Fiscal Year 2022 Financial Results
- Q4 2022 KEY METRICS
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
