Fintel reports that on September 25, 2024, Oppenheimer initiated coverage of Cadence Design Systems (NasdaqGS:CDNS) with a Underperform recommendation.
Analyst Price Forecast Suggests 21.43% Upside
As of September 25, 2024, the average one-year price target for Cadence Design Systems is $330.05/share. The forecasts range from a low of $260.10 to a high of $372.75. The average price target represents an increase of 21.43% from its latest reported closing price of $271.80 / share.
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The projected annual revenue for Cadence Design Systems is 4,334MM, an increase of 4.15%. The projected annual non-GAAP EPS is 5.39.
What is the Fund Sentiment?
There are 2,366 funds or institutions reporting positions in Cadence Design Systems. This is an increase of 31 owner(s) or 1.33% in the last quarter. Average portfolio weight of all funds dedicated to CDNS is 0.45%, an increase of 5.86%. Total shares owned by institutions increased in the last three months by 2.22% to 275,377K shares. 
The put/call ratio of CDNS is 1.01, indicating a bearish outlook.
What are Other Shareholders Doing?
Massachusetts Financial Services holds 9,455K shares representing 3.45% ownership of the company. In its prior filing, the firm reported owning 10,173K shares , representing a decrease of 7.59%. The firm decreased its portfolio allocation in CDNS by 85.49% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,595K shares representing 3.14% ownership of the company. In its prior filing, the firm reported owning 8,561K shares , representing an increase of 0.40%. The firm decreased its portfolio allocation in CDNS by 3.48% over the last quarter.
Jennison Associates holds 7,408K shares representing 2.71% ownership of the company. In its prior filing, the firm reported owning 7,086K shares , representing an increase of 4.35%. The firm decreased its portfolio allocation in CDNS by 47.29% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 6,985K shares representing 2.55% ownership of the company. In its prior filing, the firm reported owning 6,856K shares , representing an increase of 1.84%. The firm decreased its portfolio allocation in CDNS by 4.66% over the last quarter.
Geode Capital Management holds 6,295K shares representing 2.30% ownership of the company. In its prior filing, the firm reported owning 6,146K shares , representing an increase of 2.36%. The firm decreased its portfolio allocation in CDNS by 49.83% 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.
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This story originally appeared on Fintel.
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