Needham & Company LLC Increases Cadence Design Systems (NASDAQ:CDNS) Price Target to $86.00

Cadence Design Systems (NASDAQ:CDNS) had its target price hoisted by analysts at Needham & Company LLC from $76.00 to $86.00 in a research report issued to clients and investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 11.54% from the stock’s previous close.

Several other research firms have also commented on CDNS. Credit Suisse Group reiterated a “neutral” rating and issued a $75.00 target price (up from $70.00) on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. Wells Fargo & Co upped their target price on Cadence Design Systems from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating and set a $74.00 target price for the company. in a research note on Tuesday, December 24th. Finally, BidaskClub upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Cadence Design Systems has a consensus rating of “Hold” and a consensus target price of $79.75.

Cadence Design Systems stock opened at $77.10 on Thursday. The firm has a market capitalization of $20.94 billion, a P/E ratio of 50.72, a PEG ratio of 4.43 and a beta of 1.12. The stock has a fifty day moving average price of $72.70 and a 200 day moving average price of $69.00. Cadence Design Systems has a 52 week low of $51.01 and a 52 week high of $77.22. The company has a current ratio of 1.70, a quick ratio of 1.59 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Wednesday, February 12th. The software maker reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The firm had revenue of $599.56 million during the quarter, compared to analyst estimates of $595.48 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. As a group, equities analysts predict that Cadence Design Systems will post 1.51 EPS for the current year.

In other Cadence Design Systems news, VP Aneel Zaman sold 44,363 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $69.90, for a total transaction of $3,100,973.70. Following the completion of the sale, the vice president now directly owns 236,090 shares in the company, valued at $16,502,691. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Surendra Babu Mandava sold 3,623 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $66.46, for a total value of $240,784.58. Following the completion of the sale, the vice president now directly owns 296,137 shares of the company’s stock, valued at approximately $19,681,265.02. The disclosure for this sale can be found here. Insiders have sold 392,707 shares of company stock valued at $27,884,169 over the last 90 days. 2.34% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. HWG Holdings LP raised its position in shares of Cadence Design Systems by 204.2% during the 3rd quarter. HWG Holdings LP now owns 7,039 shares of the software maker’s stock worth $465,000 after purchasing an additional 4,725 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in Cadence Design Systems by 77.7% in the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 18,787 shares of the software maker’s stock valued at $1,220,000 after acquiring an additional 8,214 shares during the period. Janney Montgomery Scott LLC boosted its stake in Cadence Design Systems by 18.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 25,673 shares of the software maker’s stock valued at $1,696,000 after purchasing an additional 3,953 shares in the last quarter. State Street Corp boosted its stake in Cadence Design Systems by 0.3% during the 3rd quarter. State Street Corp now owns 12,302,854 shares of the software maker’s stock valued at $812,973,000 after purchasing an additional 42,326 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in Cadence Design Systems by 1.3% during the 3rd quarter. California State Teachers Retirement System now owns 505,290 shares of the software maker’s stock valued at $33,390,000 after purchasing an additional 6,392 shares in the last quarter. 85.90% of the stock is owned by 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Read More: Trading Ex-Dividend Strategy

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.