Rosenblatt Securities Reaffirms Neutral Rating for Cadence Design Systems (NASDAQ:CDNS)

Rosenblatt Securities restated their neutral rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note published on Monday morning, Benzinga reports. The firm currently has a $280.00 target price on the software maker’s stock.

Several other research firms also recently commented on CDNS. KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research report on Monday, April 15th. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday. Piper Sandler began coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They issued a neutral rating and a $334.00 price objective for the company. StockNews.com cut shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday, April 16th. Finally, Stifel Nicolaus increased their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research note on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Stock Up 1.7 %

Shares of CDNS stock opened at $285.02 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The stock has a market cap of $77.59 billion, a P/E ratio of 74.61, a P/E/G ratio of 3.41 and a beta of 1.04. The company has a 50 day simple moving average of $305.09 and a two-hundred day simple moving average of $280.73.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the firm posted $1.02 EPS. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems will post 4.81 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 177,544 shares of company stock worth $53,581,207. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. IFP Advisors Inc increased its stake in shares of Cadence Design Systems by 11.1% during the third quarter. IFP Advisors Inc now owns 1,863 shares of the software maker’s stock valued at $436,000 after buying an additional 186 shares during the period. Global Retirement Partners LLC raised its position in shares of Cadence Design Systems by 12.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,417 shares of the software maker’s stock worth $568,000 after acquiring an additional 261 shares in the last quarter. HB Wealth Management LLC grew its stake in Cadence Design Systems by 50.9% in the third quarter. HB Wealth Management LLC now owns 2,596 shares of the software maker’s stock valued at $608,000 after purchasing an additional 876 shares during the last quarter. Capital Investment Advisors LLC boosted its holdings in shares of Cadence Design Systems by 53.9% in the 3rd quarter. Capital Investment Advisors LLC now owns 2,071 shares of the software maker’s stock valued at $485,000 after buying an additional 725 shares in the last quarter. Finally, Financial Enhancement Group LLC bought a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $812,000. Institutional investors 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.