By otakuyassine3@gmail.com 
Cadence Design Systems (NASDAQ:CDNS – Get Free Report)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $325.00 target price on the software maker’s stock. Needham & Company LLC’s price target would suggest a potential upside of 20.20% from the stock’s previous close.
CDNS has been the topic of a number of other research reports. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.92.
Read Our Latest Analysis on CDNS
Cadence Design Systems Trading Down 1.3 %
Shares of Cadence Design Systems stock opened at $270.39 on Wednesday. The company’s fifty day simple moving average is $302.27 and its 200-day simple moving average is $287.07. The stock has a market capitalization of $74.16 billion, a PE ratio of 70.05, a P/E/G ratio of 3.48 and a beta of 1.03. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 30.20%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. As a group, equities analysts anticipate that Cadence Design Systems will post 5.57 earnings per share for the current year.
Insider Transactions at Cadence Design Systems
In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,538,875 in the last three months. Insiders own 1.99% of the company’s stock.
Hedge Funds Weigh In On Cadence Design Systems
Several hedge funds have recently added to or reduced their stakes in CDNS. Norges Bank bought a new position in Cadence Design Systems during the 4th quarter valued at about $1,170,209,000. Schroder Investment Management Group boosted its position in Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after buying an additional 716,041 shares during the period. FMR LLC boosted its position in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares during the period. Alliancebernstein L.P. boosted its position in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after buying an additional 632,175 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Cadence Design Systems by 25.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,937,675 shares of the software maker’s stock valued at $882,655,000 after buying an additional 601,834 shares during the period. 84.85% of the stock is currently owned by 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.
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