Cadence Design Systems (NASDAQ:CDNS) Given “Buy” Rating at Needham & Company LLC

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $320.00 price target on the software maker’s stock. Needham & Company LLC’s target price would indicate a potential upside of 11.93% from the stock’s current price.

A number of other brokerages also recently weighed in on CDNS. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday. Robert W. Baird raised their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $318.10.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $285.90 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average of $306.16 and a 200-day moving average of $279.39. The firm has a market cap of $77.83 billion, a P/E ratio of 74.84, a P/E/G ratio of 3.57 and a beta of 1.04. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. Sell-side analysts expect that Cadence Design Systems will post 4.82 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the transaction, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the sale, the director now owns 54,683 shares in the company, valued at $16,404,900. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock worth $53,581,207 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of CDNS. DekaBank Deutsche Girozentrale increased its holdings in shares of Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after buying an additional 99,251 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $934,000. Pacer Advisors Inc. increased its holdings in shares of Cadence Design Systems by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares during the last quarter. Patton Fund Management Inc. bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Cadence Design Systems during the 4th quarter worth about $55,443,000. 84.85% of the stock is currently owned by institutional investors.

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.