Fintel reports that on September 21, 2023, Rosenblatt reiterated coverage of Cadence Design Systems (NASDAQ:CDNS) with a Buy recommendation.
Analyst Price Forecast Suggests 14.06% Upside
As of August 31, 2023, the average one-year price target for Cadence Design Systems is 267.12. The forecasts range from a low of 242.40 to a high of $315.00. The average price target represents an increase of 14.06% from its latest reported closing price of 234.20.
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The projected annual revenue for Cadence Design Systems is 3,931MM, an increase of 3.43%. The projected annual non-GAAP EPS is 4.73.
What is the Fund Sentiment?
There are 2062 funds or institutions reporting positions in Cadence Design Systems. This is an increase of 77 owner(s) or 3.88% in the last quarter. Average portfolio weight of all funds dedicated to CDNS is 0.48%, a decrease of 0.01%. Total shares owned by institutions decreased in the last three months by 0.70% to 267,854K shares. 
The put/call ratio of CDNS is 1.40, indicating a bearish outlook.
What are Other Shareholders Doing?
Massachusetts Financial Services holds 12,060K shares representing 4.44% ownership of the company. In it's prior filing, the firm reported owning 10,818K shares, representing an increase of 10.30%. The firm increased its portfolio allocation in CDNS by 19.85% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,512K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 8,447K shares, representing an increase of 0.76%. The firm increased its portfolio allocation in CDNS by 3.78% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 6,493K shares representing 2.39% ownership of the company. In it's prior filing, the firm reported owning 6,401K shares, representing an increase of 1.41%. The firm increased its portfolio allocation in CDNS by 2.55% over the last quarter.
Jennison Associates holds 6,483K shares representing 2.39% ownership of the company. In it's prior filing, the firm reported owning 4,845K shares, representing an increase of 25.26%. The firm increased its portfolio allocation in CDNS by 32.89% over the last quarter.
Price T Rowe Associates holds 6,305K shares representing 2.32% ownership of the company. In it's prior filing, the firm reported owning 5,444K shares, representing an increase of 13.66%. The firm increased its portfolio allocation in CDNS by 19.70% 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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