Cadence Design Systems (NASDAQ:CDNS) Receives Neutral Rating from Rosenblatt Securities

Rosenblatt Securities reissued their neutral rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a report released on Monday morning, Benzinga reports. Rosenblatt Securities currently has a $280.00 target price on the software maker’s stock.

A number of other research analysts have also weighed in on the stock. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and raised their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Piper Sandler started coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They set a neutral rating and a $334.00 target price on the stock. StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday. Finally, Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a research report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $285.02 on Monday. The stock has a market cap of $77.59 billion, a price-to-earnings ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The firm’s 50-day simple moving average is $305.09 and its 200 day simple moving average is $280.73.

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, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the company earned $1.02 earnings per share. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, research analysts anticipate that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now owns 54,683 shares of the company’s stock, valued at approximately $16,404,900. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of Cadence Design Systems stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the transaction, the director now owns 54,683 shares of the company’s stock, valued at $16,404,900. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 in the last 90 days. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CDNS. DekaBank Deutsche Girozentrale increased its holdings in Cadence Design Systems by 34.5% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares during the period. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth $934,000. Pacer Advisors Inc. raised its position in shares of Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares in the last quarter. Patton Fund Management Inc. bought a new stake in Cadence Design Systems during the fourth quarter valued at $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in Cadence Design Systems during the fourth quarter worth about $55,443,000. 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.