Cadence Design Systems’ (CDNS) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report released on Friday morning, Benzinga reports. The brokerage currently has a $320.00 target price on the software maker’s stock.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research report on Tuesday. Robert W. Baird upped their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a research report on Thursday. StockNews.com lowered shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday. Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. Finally, KeyCorp upped their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $318.10.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $280.25 on Friday. The firm has a fifty day moving average price of $305.52 and a 200-day moving average price of $279.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock has a market cap of $76.30 billion, a PE ratio of 73.36, a price-to-earnings-growth ratio of 3.47 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 announced its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.75 earnings per share. Equities analysts anticipate that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated 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 approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, CFO John M. Wall sold 2,700 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $299.00, for a total value of $807,300.00. Following the sale, the chief financial officer now owns 76,552 shares in the company, valued at $22,889,048. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 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. Insiders sold 177,544 shares of company stock worth $53,581,207 over the last 90 days. 1.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 1.6% during 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. State Street Corp raised its stake in shares of Cadence Design Systems by 3.1% during the first quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock valued at $2,396,402,000 after acquiring an additional 344,518 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Cadence Design Systems by 8.7% during 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. Geode Capital Management LLC raised its stake in shares of Cadence Design Systems by 1.7% during the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock valued at $1,297,925,000 after acquiring an additional 103,213 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $770,945,000. 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.