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

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.

Several other research analysts have also issued reports on CDNS. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $316.50.

Cadence Design Systems Trading Down 0.2 %

Shares of NASDAQ CDNS opened at $277.08 on Wednesday. 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 $75.43 billion, a P/E ratio of 72.16, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04. Cadence Design Systems has a 1-year low of $198.92 and a 1-year high of $327.36. The business has a fifty day moving average price of $304.01 and a 200 day moving average price of $280.94.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the company posted $1.02 EPS. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock worth $52,231,207 over the last quarter. 1.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Cadence Design Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after acquiring an additional 384,637 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares in the last quarter. Norges Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $1,141,059,000. Northern Trust Corp lifted its position in shares of Cadence Design Systems by 5.6% in the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after acquiring an additional 158,031 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after acquiring an additional 93,984 shares in the last quarter. Hedge funds and other 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.