Cadence Design Systems (NASDAQ:CDNS) Receives “Buy” Rating from Needham & Company LLC

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Tuesday, Marketbeat reports. They presently have a $390.00 price target on the software maker’s stock, up from their prior price target of $325.00. Needham & Company LLC’s target price would indicate a potential upside of 6.98% from the stock’s current price.

A number of other research firms have also weighed in on CDNS. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Loop Capital upped their price objective on Cadence Design Systems from $340.00 to $370.00 and gave the stock a “buy” rating in a research note on Monday, July 14th. Rosenblatt Securities reissued a “neutral” rating and set a $300.00 price target on shares of Cadence Design Systems in a research note on Friday, July 25th. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Sunday, July 20th. Finally, The Goldman Sachs Group started coverage on Cadence Design Systems in a report on Thursday, July 10th. They set a “buy” rating and a $380.00 price target for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $364.33.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $6.46 during mid-day trading on Tuesday, hitting $364.57. 2,785,960 shares of the company traded hands, compared to its average volume of 2,090,613. The stock’s fifty day moving average price is $311.64 and its 200-day moving average price is $289.87. Cadence Design Systems has a one year low of $221.56 and a one year high of $376.45. The company has a quick ratio of 2.90, a current ratio of 2.82 and a debt-to-equity ratio of 0.49. The firm has a market cap of $99.54 billion, a price-to-earnings ratio of 98.53, a price-to-earnings-growth ratio of 5.09 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 earnings per share. Research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the completion of the sale, the vice president owned 105,499 shares of the company’s stock, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. This trade represents a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,435 shares of company stock worth $4,455,137 over 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 modified their holdings of the stock. Brighton Jones LLC increased its stake in shares of Cadence Design Systems by 80.2% in the 4th quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after purchasing an additional 676 shares in the last quarter. Highview Capital Management LLC DE increased its stake in shares of Cadence Design Systems by 2.7% in the 4th quarter. Highview Capital Management LLC DE now owns 6,304 shares of the software maker’s stock valued at $1,894,000 after purchasing an additional 163 shares in the last quarter. Blair William & Co. IL increased its stake in shares of Cadence Design Systems by 14.0% in the 4th quarter. Blair William & Co. IL now owns 5,181 shares of the software maker’s stock valued at $1,557,000 after purchasing an additional 636 shares in the last quarter. Level Four Advisory Services LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at about $364,000. Finally, Allianz SE purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at about $217,000. Institutional investors and hedge funds 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.