Cadence Design Systems (NASDAQ:CDNS) Stock Rating Upgraded by StockNews.com

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

A number of other equities analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their price target on Cadence Design Systems from $222.00 to $230.00 in a report on Wednesday, April 26th. Bank of America upped their price target on Cadence Design Systems from $225.00 to $240.00 in a report on Tuesday, April 25th. Rosenblatt Securities upped their price target on Cadence Design Systems from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, February 14th. Wells Fargo & Company upped their target price on Cadence Design Systems from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 11th. Finally, Robert W. Baird upped their target price on Cadence Design Systems from $215.00 to $223.00 in a research report on Tuesday, April 25th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $220.80.

Cadence Design Systems Stock Down 2.8 %

Shares of NASDAQ:CDNS opened at $205.76 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.33 and a current ratio of 1.44. Cadence Design Systems has a 1 year low of $138.76 and a 1 year high of $219.09. The stock has a market capitalization of $56.11 billion, a P/E ratio of 65.74, a PEG ratio of 2.79 and a beta of 1.07. The stock has a 50-day simple moving average of $208.34 and a 200-day simple moving average of $186.85.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last released its quarterly earnings results on Monday, April 24th. The software maker reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.04. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Cadence Design Systems had a return on equity of 33.80% and a net margin of 23.24%. Cadence Design Systems’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 EPS. Equities analysts forecast that Cadence Design Systems will post 3.98 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 76,003 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $209.33, for a total transaction of $15,909,707.99. Following the sale, the vice president now directly owns 185,761 shares of the company’s stock, valued at approximately $38,885,350.13. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Aneel Zaman sold 1,801 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $195.35, for a total transaction of $351,825.35. Following the completion of the transaction, the vice president now directly owns 88,444 shares in the company, valued at approximately $17,277,535.40. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Thomas P. Beckley sold 76,003 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $209.33, for a total value of $15,909,707.99. Following the transaction, the vice president now owns 185,761 shares of the company’s stock, valued at $38,885,350.13. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 371,807 shares of company stock valued at $76,555,705. Corporate insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CDNS. AllSquare Wealth Management LLC bought a new position in Cadence Design Systems during the 1st quarter worth $27,000. Barrett & Company Inc. bought a new position in shares of Cadence Design Systems in the first quarter worth $30,000. ST Germain D J Co. Inc. bought a new position in shares of Cadence Design Systems in the fourth quarter worth $32,000. AdvisorNet Financial Inc grew its stake in shares of Cadence Design Systems by 70.5% in the first quarter. AdvisorNet Financial Inc now owns 150 shares of the software maker’s stock worth $32,000 after purchasing an additional 62 shares in the last quarter. Finally, Altshuler Shaham Ltd bought a new position in shares of Cadence Design Systems in the first quarter worth $32,000. 84.06% of the stock is currently owned by institutional investors.

About Cadence Design Systems

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Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.