Rosenblatt Securities Reiterates Neutral Rating for Cadence Design Systems (NASDAQ:CDNS)

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “neutral” rating restated by investment analysts at Rosenblatt Securities in a report issued on Monday, Benzinga reports. They currently have a $280.00 price target on the software maker’s stock. Rosenblatt Securities’ price objective suggests a potential downside of 0.62% from the stock’s current price.

A number of other brokerages have also weighed in on CDNS. Piper Sandler started coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price on the stock. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, KeyCorp boosted their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $316.50.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $281.76 on Monday. The firm has a market cap of $76.71 billion, a PE ratio of 73.76, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. Cadence Design Systems has a 12-month low of $194.01 and a 12-month high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The company’s fifty day simple moving average is $304.84 and its two-hundred day simple moving average is $280.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 EPS. As a group, equities analysts expect that Cadence Design Systems will post 4.81 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 173,044 shares of company stock worth $52,231,207. Corporate insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OFI Invest Asset Management purchased a new stake in Cadence Design Systems during the third quarter valued at approximately $26,000. Valley National Advisers Inc. increased its holdings in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $28,000. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems during the first quarter valued at approximately $32,000. Finally, Union Savings Bank bought a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $33,000. 84.85% of the stock is owned by hedge funds and other 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.