Cadence Design Systems’ (CDNS) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report report published on Friday morning, Benzinga reports. They currently have a $320.00 price objective on the software maker’s stock.

A number of other analysts have also recently commented on CDNS. Robert W. Baird boosted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a research note on Thursday. Piper Sandler began coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a neutral rating and a $334.00 price objective for the company. StockNews.com cut shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and upped their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, KeyCorp upped their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research note on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $318.10.

Cadence Design Systems Stock Down 2.0 %

CDNS stock opened at $280.25 on Friday. The stock has a market capitalization of $76.30 billion, a P/E ratio of 73.36, a P/E/G ratio of 3.47 and a beta of 1.04. The firm has a 50-day simple moving average of $305.52 and a 200-day simple moving average of $279.70. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 52 week low of $194.01 and a 52 week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.75 earnings per share. Equities analysts forecast that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the transaction, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold a total of 177,544 shares of company stock valued at $53,581,207 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Large investors have recently made changes to their positions in the stock. OFI Invest Asset Management acquired a new position in shares of Cadence Design Systems in the 3rd quarter worth approximately $26,000. Valley National Advisers Inc. lifted its holdings in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares in the last quarter. Harbour Investments Inc. lifted its holdings in Cadence Design Systems by 66.1% during the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after buying an additional 39 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Finally, Quarry LP lifted its holdings in Cadence Design Systems by 550.0% during the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after buying an additional 88 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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