Weekly Analysts’ Ratings Updates for Cadence Design Systems (CDNS)

Cadence Design Systems (NASDAQ: CDNS) recently received a number of ratings updates from brokerages and research firms:

  • 4/28/2022 – Cadence Design Systems was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $161.00 price target on the stock. According to Zacks, “Cadence’s Q1 performance was driven by strength across all segments owing to healthy demand for the company’s diversified product portfolio. Frequent product launches are expected to help the company sustain top-line growth. In 2021, Cadence introduced 13 new products, including Cadence Helium Virtual and Hybrid Studio and Allegro X. The company is also gaining from higher investments in emerging trends like hyperscale computing, 5G, and autonomous driving along with strength in the semiconductor end-market. Shares of the company have outperformed the industry in the year-to-date period. However, higher costs related to research and development as well as headcount additions are likely to dent margins in the near term. Supply chain disruptions, stiff competition in simulation market and forex volatility are other added concerns.”
  • 4/26/2022 – Cadence Design Systems had its price target raised by analysts at KeyCorp from $205.00 to $215.00. They now have an “overweight” rating on the stock.
  • 4/26/2022 – Cadence Design Systems had its price target raised by analysts at UBS Group AG from $170.00 to $180.00. They now have a “neutral” rating on the stock.
  • 4/26/2022 – Cadence Design Systems had its price target raised by analysts at Needham & Company LLC from $185.00 to $193.00. They now have a “buy” rating on the stock.
  • 4/26/2022 – Cadence Design Systems had its price target lowered by analysts at Robert W. Baird from $211.00 to $203.00.
  • 3/31/2022 – Cadence Design Systems is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.

Shares of CDNS stock opened at $141.17 on Wednesday. The company has a quick ratio of 1.69, a current ratio of 1.81 and a debt-to-equity ratio of 0.13. Cadence Design Systems, Inc. has a 52 week low of $118.11 and a 52 week high of $192.70. The stock has a market capitalization of $38.93 billion, a PE ratio of 52.87, a P/E/G ratio of 2.75 and a beta of 1.13. The firm has a 50 day moving average of $154.24 and a two-hundred day moving average of $163.09.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last issued its quarterly earnings results on Monday, April 25th. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.02 by $0.15. Cadence Design Systems had a net margin of 23.59% and a return on equity of 31.01%. The company had revenue of $902.00 million during the quarter, compared to analysts’ expectations of $859.63 million. During the same quarter last year, the company posted $0.67 EPS. The firm’s revenue was up 22.6% compared to the same quarter last year. Analysts expect that Cadence Design Systems, Inc. will post 3.13 EPS for the current fiscal year.

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $134.63, for a total value of $134,630.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Lip Bu Tan sold 400 shares of the firm’s stock in a transaction on Wednesday, February 23rd. The shares were sold at an average price of $150.61, for a total transaction of $60,244.00. The disclosure for this sale can be found here. Insiders sold a total of 296,043 shares of company stock valued at $45,192,594 in the last three months. 1.99% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Cadence Design Systems by 0.8% in the 4th quarter. BlackRock Inc. now owns 31,520,631 shares of the software maker’s stock valued at $5,873,868,000 after purchasing an additional 264,277 shares in the last quarter. State Street Corp raised its stake in Cadence Design Systems by 2.4% during the 4th quarter. State Street Corp now owns 11,787,622 shares of the software maker’s stock worth $2,196,623,000 after acquiring an additional 280,706 shares in the last quarter. Geode Capital Management LLC raised its stake in Cadence Design Systems by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 5,343,591 shares of the software maker’s stock worth $993,732,000 after acquiring an additional 188,050 shares in the last quarter. Parnassus Investments LLC raised its stake in Cadence Design Systems by 3.7% during the 3rd quarter. Parnassus Investments LLC now owns 5,132,094 shares of the software maker’s stock worth $777,204,000 after acquiring an additional 183,464 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Cadence Design Systems by 32.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,461,064 shares of the software maker’s stock worth $524,144,000 after acquiring an additional 852,450 shares in the last quarter. Institutional investors and hedge funds own 84.07% of the company’s stock.

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.

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