Cadence Design Systems (NASDAQ:CDNS) Upgraded to Buy at StockNews.com

Cadence Design Systems (NASDAQ:CDNS) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

Several other research firms have also recently issued reports on CDNS. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price objective for the company. Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Finally, Needham & Company LLC decreased their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $9.42 during trading hours on Wednesday, hitting $289.88. 1,393,716 shares of the company were exchanged, compared to its average volume of 1,633,333. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company’s 50 day moving average price is $306.04 and its 200-day moving average price is $284.61. The stock has a market capitalization of $79.50 billion, a price-to-earnings ratio of 76.08, a PEG ratio of 3.70 and a beta of 1.04. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 earnings per share. As a group, research analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock worth $33,528,267. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently made changes to their positions in CDNS. Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter valued at approximately $148,594,000. Meridiem Investment Management Ltd. acquired a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $129,285,000. Finally, Jennison Associates LLC increased its stake in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock valued at $2,406,760,000 after buying an additional 404,076 shares during the last quarter. 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.