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

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

Other research analysts have also issued research reports about the stock. Robert W. Baird decreased their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an outperform rating on the stock in a research note on Tuesday. Piper Sandler reiterated a neutral rating and issued a $318.00 price target on shares of Cadence Design Systems in a research note on Wednesday, July 10th. StockNews.com lowered shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Thursday, May 2nd. Rosenblatt Securities reissued a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $334.56.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $258.38 on Tuesday. The firm has a 50-day moving average of $301.72 and a 200-day moving average of $297.83. Cadence Design Systems has a one year low of $217.77 and a one year high of $328.99. The company has a market cap of $70.39 billion, a PE ratio of 67.29, a price-to-earnings-growth ratio of 3.46 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 31.52%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the business earned $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that Cadence Design Systems will post 4.77 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock valued at $14,987,093 in the last quarter. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. HB Wealth Management LLC lifted its stake in Cadence Design Systems by 8.5% in the 4th quarter. HB Wealth Management LLC now owns 2,816 shares of the software maker’s stock valued at $767,000 after purchasing an additional 220 shares during the last quarter. Raymond James & Associates lifted its stake in Cadence Design Systems by 8.2% in the 4th quarter. Raymond James & Associates now owns 223,511 shares of the software maker’s stock valued at $60,878,000 after purchasing an additional 16,945 shares during the last quarter. CVA Family Office LLC bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $77,000. Raymond James Financial Services Advisors Inc. lifted its stake in Cadence Design Systems by 55.3% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 43,723 shares of the software maker’s stock valued at $11,909,000 after purchasing an additional 15,569 shares during the last quarter. Finally, HBW Advisory Services LLC bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $305,000. Institutional investors own 84.85% of the company’s stock.

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.