Needham & Company LLC Issues Positive Forecast for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its price target hoisted by research analysts at Needham & Company LLC from $325.00 to $390.00 in a note issued to investors on Tuesday, Marketbeat reports. The firm currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 6.98% from the company’s current price.

Several other brokerages also recently issued reports on CDNS. Rosenblatt Securities reissued a “neutral” rating and set a $300.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 25th. Loop Capital raised their price objective on shares of Cadence Design Systems from $340.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Bank of America raised their price objective on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Mizuho raised their price objective on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, The Goldman Sachs Group initiated coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They set a “buy” rating and a $380.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $364.33.

Cadence Design Systems Stock Down 1.7%

Shares of NASDAQ:CDNS traded down $6.46 during trading hours on Tuesday, reaching $364.57. The stock had a trading volume of 3,011,051 shares, compared to its average volume of 2,096,626. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.90 and a current ratio of 2.82. The firm’s 50 day moving average is $311.64 and its 200-day moving average is $289.87. The stock has a market capitalization of $99.54 billion, a price-to-earnings ratio of 98.53, a P/E/G ratio of 5.09 and a beta of 0.99. Cadence Design Systems has a 1 year low of $221.56 and a 1 year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 29.65%. The company’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $1.28 EPS. Research analysts predict that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Ita M. Brennan sold 180 shares of the firm’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 sale, the director owned 8,010 shares in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were 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 $32,319,618.65. This trade represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,435 shares of company stock worth $4,455,137 over the last three months. 1.99% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Park Square Financial Group LLC acquired a new position in Cadence Design Systems during the fourth quarter worth about $348,000. Merit Financial Group LLC grew its holdings in shares of Cadence Design Systems by 42.6% during the first quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker’s stock worth $805,000 after buying an additional 946 shares in the last quarter. Novem Group grew its holdings in shares of Cadence Design Systems by 30.3% during the first quarter. Novem Group now owns 4,067 shares of the software maker’s stock worth $1,034,000 after buying an additional 945 shares in the last quarter. Seilern Investment Management Ltd purchased a new stake in shares of Cadence Design Systems during the first quarter worth about $64,800,000. Finally, Integrated Advisors Network LLC grew its holdings in shares of Cadence Design Systems by 156.9% during the fourth quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker’s stock worth $1,023,000 after buying an additional 2,080 shares in the last quarter. 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.