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

Cadence Design Systems (NASDAQ:CDNS) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Other equities research analysts have also issued reports about the company. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Trading Down 3.1 %

CDNS traded down $9.42 during trading on Wednesday, hitting $289.88. 1,393,716 shares of the company’s stock were exchanged, compared to its average volume of 1,633,333. The stock has a 50 day moving average price of $306.04 and a 200 day moving average price of $284.61. The firm has a market cap of $79.50 billion, a P/E ratio of 76.08, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.01 earnings per share. As a group, analysts expect that Cadence Design Systems will post 4.75 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now directly owns 59,311 shares in the company, valued at $18,080,365.24. This represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNS. Van ECK Associates Corp boosted its stake in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $148,594,000. Meridiem Investment Management Ltd. bought a new position in Cadence Design Systems in the 3rd quarter worth about $129,285,000. Finally, Jennison Associates LLC raised its position in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after buying an additional 404,076 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.