Cadence Design Systems (NASDAQ:CDNS) Earns “Buy” Rating from 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 price target on the software maker’s stock, up from their prior price target of $325.00. Needham & Company LLC’s price objective suggests a potential upside of 5.99% from the stock’s previous close.

Several other analysts have also commented on the company. The Goldman Sachs Group assumed coverage on Cadence Design Systems in a report on Thursday, July 10th. They issued a “buy” rating and a $380.00 price objective for the company. Wall Street Zen downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Wells Fargo & Company lifted their target price on Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Rosenblatt Securities reiterated a “neutral” rating and set a $300.00 target price on shares of Cadence Design Systems in a research report on Friday, July 25th. Finally, Robert W. Baird boosted their price objective on Cadence Design Systems from $340.00 to $380.00 and gave the company an “outperform” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $359.00.

Cadence Design Systems Trading Up 0.5%

NASDAQ CDNS traded up $1.71 on Tuesday, hitting $367.97. The company’s stock had a trading volume of 946,002 shares, compared to its average volume of 2,069,760. Cadence Design Systems has a 52-week low of $221.56 and a 52-week high of $373.27. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The company’s 50-day simple moving average is $310.57 and its 200 day simple moving average is $289.31. The firm has a market cap of $100.47 billion, a P/E ratio of 99.19, a PEG ratio of 4.64 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 28th. The software maker reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. The company had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Cadence Design Systems had a return on equity of 30.18% and a net margin of 19.88%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 EPS. Research analysts predict that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 868 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the sale, the director owned 23,996 shares of the company’s stock, valued at approximately $7,677,520.20. This trade represents a 3.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the sale, the director directly owned 8,010 shares of the company’s stock, valued at $2,435,040. The trade was a 2.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,085 shares of company stock worth $4,652,087 over the last quarter. Insiders own 0.37% of the company’s stock.

Institutional Trading of Cadence Design Systems

Institutional investors have recently made changes to their positions in the business. Park Square Financial Group LLC acquired a new stake in shares of Cadence Design Systems in the 4th quarter worth $348,000. Merit Financial Group LLC boosted its position in shares of Cadence Design Systems by 42.6% in the 1st quarter. Merit Financial Group LLC now owns 3,165 shares of the software maker’s stock worth $805,000 after purchasing an additional 946 shares in the last quarter. Novem Group boosted its position in shares of Cadence Design Systems by 30.3% in the 1st quarter. Novem Group now owns 4,067 shares of the software maker’s stock worth $1,034,000 after purchasing an additional 945 shares in the last quarter. Seilern Investment Management Ltd acquired a new stake in shares of Cadence Design Systems in the 1st quarter worth $64,800,000. Finally, Integrated Advisors Network LLC boosted its position in shares of Cadence Design Systems by 156.9% in the 4th quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker’s stock worth $1,023,000 after purchasing an additional 2,080 shares in the last quarter. Institutional investors and hedge funds 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.