Cadence Design Systems (NASDAQ:CDNS) Given New $145.00 Price Target at Needham & Company LLC


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Cadence Design Systems (NASDAQ:CDNS) had its price target increased by equities research analysts at Needham & Company LLC from $126.00 to $145.00 in a research report issued on Tuesday, The Fly reports. The firm currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective suggests a potential upside of 8.89% from the company’s current price.

Other research analysts also recently issued research reports about the stock. KeyCorp lifted their price objective on shares of Cadence Design Systems from $155.00 to $160.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 16th. Royal Bank of Canada lifted their price objective on shares of Cadence Design Systems from $127.00 to $160.00 and gave the stock an “outperform” rating in a research report on Tuesday. Bank of America downgraded shares of Cadence Design Systems from a “buy” rating to an “underperform” rating in a research report on Monday, January 11th. Credit Suisse Group boosted their target price on shares of Cadence Design Systems from $110.00 to $135.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, JPMorgan Chase & Co. raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $122.00 to $145.00 in a research report on Wednesday, December 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $129.83.

NASDAQ:CDNS opened at $133.16 on Tuesday. The firm has a 50-day simple moving average of $136.95 and a 200-day simple moving average of $119.52. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 1.55. Cadence Design Systems has a one year low of $51.39 and a one year high of $149.08. The firm has a market cap of $37.14 billion, a P/E ratio of 34.59, a P/E/G ratio of 4.64 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Sunday, February 21st. The software maker reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. The firm had revenue of $759.10 million for the quarter, compared to the consensus estimate of $731.31 million. During the same quarter in the previous year, the firm earned $0.54 EPS. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. On average, research analysts predict that Cadence Design Systems will post 2.02 EPS for the current fiscal year.

In related news, President Anirudh Devgan sold 4,666 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 9th. The stock was sold at an average price of $137.44, for a total value of $641,295.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 16th. The stock was sold at an average price of $147.09, for a total value of $7,354,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 155,300 shares of company stock valued at $21,171,858. Company insiders own 2.58% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Capital Investment Advisory Services LLC acquired a new stake in Cadence Design Systems in the 4th quarter worth about $210,000. Whittier Trust Co. boosted its holdings in shares of Cadence Design Systems by 12.3% during the 4th quarter. Whittier Trust Co. now owns 46,080 shares of the software maker’s stock worth $6,286,000 after purchasing an additional 5,064 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Cadence Design Systems by 98.5% during the 4th quarter. Victory Capital Management Inc. now owns 710,438 shares of the software maker’s stock worth $96,925,000 after purchasing an additional 352,565 shares during the last quarter. Cedar Capital LLC boosted its holdings in shares of Cadence Design Systems by 28.8% during the 3rd quarter. Cedar Capital LLC now owns 30,461 shares of the software maker’s stock worth $3,248,000 after purchasing an additional 6,820 shares during the last quarter. Finally, Eudaimonia Partners LLC acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $62,000. Institutional investors own 83.86% 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 emulation platform; and Protium, a prototyping platform for chip verification.

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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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