Cadence Design Systems (NASDAQ:CDNS) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note published on Friday morning, Benzinga reports. Needham & Company LLC currently has a $320.00 price objective on the software maker’s stock.

Several other equities research analysts have also recently weighed in on the company. StockNews.com cut Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday, April 16th. Stifel Nicolaus boosted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and boosted their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research note on Tuesday, April 16th. Finally, Rosenblatt Securities lowered Cadence Design Systems from a buy rating to a neutral rating and boosted their target price for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $318.10.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $285.02 on Friday. The stock has a 50-day simple moving average of $305.09 and a 200-day simple moving average of $280.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The stock has a market capitalization of $77.59 billion, a PE ratio of 74.61, a PEG ratio of 3.41 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, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 earnings per share. On average, analysts predict that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 over the last quarter. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Large investors have recently added to or reduced their stakes in the business. CWM LLC increased its stake in Cadence Design Systems by 6.3% during the third quarter. CWM LLC now owns 6,479 shares of the software maker’s stock worth $1,518,000 after acquiring an additional 383 shares during the last quarter. Ronald Blue Trust Inc. grew its stake in shares of Cadence Design Systems by 17.9% in the third quarter. Ronald Blue Trust Inc. now owns 825 shares of the software maker’s stock valued at $194,000 after buying an additional 125 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Cadence Design Systems by 11.1% in the third quarter. IFP Advisors Inc now owns 1,863 shares of the software maker’s stock valued at $436,000 after buying an additional 186 shares in the last quarter. Ritholtz Wealth Management grew its stake in shares of Cadence Design Systems by 20.8% in the third quarter. Ritholtz Wealth Management now owns 3,915 shares of the software maker’s stock valued at $917,000 after buying an additional 675 shares in the last quarter. Finally, Global Retirement Partners LLC grew its stake in shares of Cadence Design Systems by 12.1% in the third quarter. Global Retirement Partners LLC now owns 2,417 shares of the software maker’s stock valued at $568,000 after buying an additional 261 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

About Cadence Design Systems

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.