Cadence Design Systems (NASDAQ:CDNS) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning.

A number of other equities analysts have also commented on CDNS. KeyCorp increased their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday, April 15th. Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating on the stock in a report on Tuesday. Needham & Company LLC reissued a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and increased their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Rosenblatt Securities reaffirmed a neutral rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $326.11.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $282.41 on Wednesday. Cadence Design Systems has a 1 year low of $198.92 and a 1 year high of $327.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. The stock has a market capitalization of $76.88 billion, a PE ratio of 73.54, a P/E/G ratio of 3.26 and a beta of 1.04. The company’s 50 day simple moving average is $303.85 and its two-hundred day simple moving average is $281.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the company posted $1.02 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts predict that Cadence Design Systems will post 4.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock valued at $52,231,207 in the last quarter. Insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of large investors have recently modified their holdings of the stock. BLB&B Advisors LLC boosted its stake in shares of Cadence Design Systems by 7.1% during the 1st quarter. BLB&B Advisors LLC now owns 45,461 shares of the software maker’s stock valued at $14,151,000 after purchasing an additional 3,030 shares in the last quarter. Highview Capital Management LLC DE boosted its stake in shares of Cadence Design Systems by 8.3% during the 1st quarter. Highview Capital Management LLC DE now owns 5,610 shares of the software maker’s stock valued at $1,746,000 after purchasing an additional 430 shares in the last quarter. Schmidt P J Investment Management Inc. boosted its stake in shares of Cadence Design Systems by 3.8% during the 1st quarter. Schmidt P J Investment Management Inc. now owns 1,928 shares of the software maker’s stock valued at $600,000 after purchasing an additional 71 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at about $2,143,000. Finally, SYSTM Wealth Solutions LLC boosted its stake in shares of Cadence Design Systems by 8.8% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 3,841 shares of the software maker’s stock valued at $1,196,000 after purchasing an additional 312 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

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.