Cadence Design Systems’ (CDNS) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note released on Friday,Benzinga reports. Rosenblatt Securities currently has a $420.00 price target on the software maker’s stock.

A number of other brokerages have also weighed in on CDNS. Oppenheimer reaffirmed a “market perform” rating and issued a $300.00 price target (up from $275.00) on shares of Cadence Design Systems in a research note on Tuesday, July 28th. The Goldman Sachs Group increased their price objective on shares of Cadence Design Systems from $410.00 to $470.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Benchmark restated a “buy” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Rothschild & Co Redburn raised their price objective on shares of Cadence Design Systems from $385.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 price objective (up from $370.00) on shares of Cadence Design Systems in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $404.14.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $316.49 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.74 and a quick ratio of 1.53. The business’s 50-day simple moving average is $318.19 and its 200-day simple moving average is $340.75. Cadence Design Systems has a fifty-two week low of $262.75 and a fifty-two week high of $416.69. The stock has a market capitalization of $87.16 billion, a PE ratio of 62.92, a price-to-earnings-growth ratio of 3.38 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 27th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Cadence Design Systems had a return on equity of 27.98% and a net margin of 23.60%. Cadence Design Systems’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.65 EPS. Sell-side analysts expect that Cadence Design Systems will post 6.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $350.07, for a total transaction of $437,587.50. Following the sale, the director owned 39,544 shares in the company, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $339.00, for a total value of $94,920.00. Following the transaction, the vice president directly owned 31,720 shares of the company’s stock, valued at $10,753,080. This trade represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 8,960 shares of company stock worth $2,834,139 over the last 90 days. 0.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Whipplewood Advisors LLC boosted its holdings in shares of Cadence Design Systems by 933.3% in the 1st quarter. Whipplewood Advisors LLC now owns 93 shares of the software maker’s stock valued at $26,000 after buying an additional 84 shares during the last quarter. Brown Lisle Cummings Inc. grew its stake in shares of Cadence Design Systems by 860.0% in the first quarter. Brown Lisle Cummings Inc. now owns 96 shares of the software maker’s stock valued at $27,000 after buying an additional 86 shares in the last quarter. Avalon Trust Co bought a new position in shares of Cadence Design Systems in the second quarter valued at $30,000. Burkett Financial Services LLC acquired a new position in Cadence Design Systems during the third quarter worth $30,000. Finally, Fiduciary Financial Advisors acquired a new position in Cadence Design Systems during the second quarter worth $31,000. 84.85% of the stock is currently owned by institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.