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

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $325.00 price objective on the software maker’s stock. Needham & Company LLC’s price target would indicate a potential upside of 9.16% from the company’s current price.

CDNS has been the topic of a number of other reports. Robert W. Baird dropped their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Finally, Mizuho lowered their price target on shares of Cadence Design Systems from $350.00 to $300.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $322.54.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $297.74 on Tuesday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a market cap of $81.67 billion, a PE ratio of 77.13, a PEG ratio of 3.88 and a beta of 1.14. Cadence Design Systems has a 12-month low of $221.56 and a 12-month high of $328.99. The business’s fifty day simple moving average is $256.20 and its 200-day simple moving average is $282.41.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter last year, the company earned $1.17 earnings per share. Analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the transaction, the director now directly owns 7,411 shares of the company’s stock, valued at approximately $2,038,025. This represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total transaction of $164,216.00. Following the sale, the vice president now directly owns 108,799 shares in the company, valued at approximately $27,486,979.36. This trade represents a 0.59 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,130 shares of company stock valued at $567,999. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Advisory Resource Group boosted its holdings in Cadence Design Systems by 20.9% in the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock valued at $1,009,000 after purchasing an additional 643 shares during the last quarter. World Investment Advisors LLC grew its stake in shares of Cadence Design Systems by 656.3% in the 3rd quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after buying an additional 6,471 shares during the period. Arvest Bank Trust Division acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $202,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Cadence Design Systems during the 3rd quarter valued at approximately $2,225,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.