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

StockNews.com upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a buy rating in a report released on Wednesday morning.

A number of other research analysts also recently commented on CDNS. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and boosted their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research report on Tuesday, April 16th. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. Piper Sandler dropped their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating on the stock in a research note on Tuesday. Finally, Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $316.50.

Cadence Design Systems Stock Down 1.5 %

CDNS stock opened at $277.66 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The firm has a market capitalization of $75.59 billion, a P/E ratio of 72.31, a P/E/G ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The company’s 50 day simple moving average is $304.38 and its 200-day simple moving average is $280.97.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 33.53%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. As a group, equities research analysts anticipate that Cadence Design Systems will post 4.81 EPS for the current year.

Insider Buying and Selling

In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 in the last quarter. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB increased its position in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 shares during the period. Jennison Associates LLC lifted its position in Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares during the period. Institutional investors own 84.85% of the company’s stock.

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.