Cadence Design Systems’ (CDNS) Buy Rating Reiterated at Needham & Company LLC

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $390.00 target price on the software maker’s stock, up from their previous target price of $325.00. Needham & Company LLC’s price target suggests a potential upside of 5.11% from the company’s current price.

CDNS has been the topic of several other reports. Mizuho increased their price objective on Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a research report on Tuesday. KeyCorp reiterated an “overweight” rating and set a $358.00 price objective (up previously from $340.00) on shares of Cadence Design Systems in a research report on Thursday, July 10th. Bank of America upped their price objective on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $300.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 25th. Finally, The Goldman Sachs Group began coverage on Cadence Design Systems in a research report on Thursday, July 10th. They set a “buy” rating and a $380.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $359.00.

Cadence Design Systems Stock Up 1.3%

Shares of NASDAQ:CDNS traded up $4.77 during midday trading on Tuesday, reaching $371.03. The company’s stock had a trading volume of 3,881,960 shares, compared to its average volume of 2,091,630. The firm has a 50 day moving average of $310.57 and a 200-day moving average of $289.31. The firm has a market capitalization of $101.31 billion, a P/E ratio of 100.28, a PEG ratio of 4.64 and a beta of 0.99. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. Cadence Design Systems has a 12-month low of $221.56 and a 12-month high of $374.05.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 30.18% and a net margin of 19.88%. Cadence Design Systems’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 EPS. On average, research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director directly owned 8,010 shares of the company’s stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the sale, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,085 shares of company stock valued at $4,652,087. Corporate insiders own 0.37% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several hedge funds have recently modified their holdings of the company. Ethic Inc. raised its holdings in shares of Cadence Design Systems by 4.9% during the 2nd quarter. Ethic Inc. now owns 26,255 shares of the software maker’s stock worth $8,013,000 after acquiring an additional 1,221 shares in the last quarter. Caliber Wealth Management LLC KS boosted its holdings in shares of Cadence Design Systems by 105.5% in the 2nd quarter. Caliber Wealth Management LLC KS now owns 4,985 shares of the software maker’s stock worth $1,536,000 after purchasing an additional 2,559 shares during the period. Brookstone Capital Management boosted its holdings in shares of Cadence Design Systems by 32.3% in the 2nd quarter. Brookstone Capital Management now owns 23,057 shares of the software maker’s stock worth $7,105,000 after purchasing an additional 5,627 shares during the period. D.A. Davidson & CO. boosted its holdings in shares of Cadence Design Systems by 3.5% in the 2nd quarter. D.A. Davidson & CO. now owns 3,258 shares of the software maker’s stock worth $1,004,000 after purchasing an additional 111 shares during the period. Finally, Whittier Trust Co. boosted its holdings in shares of Cadence Design Systems by 3.5% in the 2nd quarter. Whittier Trust Co. now owns 7,042 shares of the software maker’s stock worth $2,170,000 after purchasing an additional 235 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.