Needham & Company LLC Boosts Cadence Design Systems (NASDAQ:CDNS) Price Target to $193.00

Cadence Design Systems (NASDAQ:CDNSGet Rating) had its price target lifted by stock analysts at Needham & Company LLC from $185.00 to $193.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 27.73% from the company’s current price.

A number of other analysts have also weighed in on CDNS. UBS Group upped their price target on shares of Cadence Design Systems from $170.00 to $180.00 in a research note on Tuesday. Berenberg Bank upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a research note on Wednesday, February 23rd. Robert W. Baird decreased their target price on Cadence Design Systems from $211.00 to $203.00 in a research note on Tuesday. StockNews.com initiated coverage on Cadence Design Systems in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, Rosenblatt Securities increased their price objective on Cadence Design Systems from $173.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $185.77.

Cadence Design Systems stock opened at $151.10 on Tuesday. The stock’s 50 day moving average price is $153.06 and its 200 day moving average price is $163.71. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.65 and a current ratio of 1.77. The firm has a market capitalization of $41.86 billion, a PE ratio of 60.68, a price-to-earnings-growth ratio of 3.39 and a beta of 1.13. Cadence Design Systems has a one year low of $118.11 and a one year high of $192.70.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its quarterly earnings data on Monday, April 25th. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.15. Cadence Design Systems had a net margin of 23.29% and a return on equity of 28.70%. The business had revenue of $902.00 million during the quarter, compared to the consensus estimate of $859.63 million. During the same quarter in the prior year, the firm earned $0.67 EPS. The company’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, analysts forecast that Cadence Design Systems will post 2.92 earnings per share for the current fiscal year.

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $134.63, for a total transaction of $134,630.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Lip Bu Tan sold 400 shares of Cadence Design Systems stock in a transaction on Wednesday, February 23rd. The shares were sold at an average price of $150.61, for a total value of $60,244.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 206,043 shares of company stock valued at $31,402,794. 1.99% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. CVA Family Office LLC grew its position in Cadence Design Systems by 433.3% during the first quarter. CVA Family Office LLC now owns 160 shares of the software maker’s stock valued at $26,000 after buying an additional 130 shares during the period. Riverview Trust Co bought a new stake in Cadence Design Systems in the first quarter worth $27,000. Jacobi Capital Management LLC purchased a new stake in shares of Cadence Design Systems in the third quarter worth approximately $27,000. Selective Wealth Management Inc. purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $37,000. Finally, Bell Investment Advisors Inc bought a new stake in Cadence Design Systems during the 3rd quarter valued at $35,000. 83.85% of the stock is owned by institutional investors and hedge funds.

About Cadence Design Systems (Get Rating)

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.

Read More

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.