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

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They presently have a $325.00 price objective on the software maker’s stock. Needham & Company LLC’s price objective points to a potential upside of 8.18% from the stock’s current price.

Other analysts have also recently issued reports about the company. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 29th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Finally, Robert W. Baird raised their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $327.75.

Cadence Design Systems Price Performance

CDNS stock opened at $300.43 on Wednesday. The business has a 50 day simple moving average of $303.01 and a 200-day simple moving average of $286.80. The company has a market capitalization of $82.40 billion, a P/E ratio of 78.85, a PEG ratio of 3.41 and a beta of 1.03. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99. 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 (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. As a group, equities analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Buying and Selling

In other news, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 108,416 shares of company stock valued at $33,538,875. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors have recently added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $28,000. Ancora Advisors LLC increased its holdings in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Finally, Avalon Trust Co acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at approximately $39,000. Institutional investors and hedge funds 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.