Cadence Design Systems (NASDAQ:CDNS) Stock Rating Upgraded by StockNews.com

Cadence Design Systems (NASDAQ:CDNS) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Other analysts also recently issued research reports about the company. KeyCorp boosted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Piper Sandler dropped their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $316.50.

Cadence Design Systems Trading Down 0.2 %

Shares of CDNS opened at $277.08 on Wednesday. The business has a 50-day moving average of $304.01 and a 200 day moving average of $280.94. Cadence Design Systems has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The firm has a market cap of $75.43 billion, a P/E ratio of 72.16, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 EPS. As a group, research analysts forecast that Cadence Design Systems will post 4.81 EPS for the current year.

Insider Buying and Selling

In related news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock valued at $52,231,207 over the last ninety days. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 384,637 shares in the last quarter. Jennison Associates LLC lifted its holdings 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 purchasing an additional 564,085 shares in the last quarter. Norges Bank bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $1,141,059,000. Northern Trust Corp lifted its holdings in shares of Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Cadence Design Systems by 4.9% during the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after purchasing an additional 93,984 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.