Cadence Design Systems (NASDAQ:CDNS) Stock Rating Upgraded by StockNews.com

Cadence Design Systems (NASDAQ:CDNS – Get Rating) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Wednesday.

CDNS has been the topic of a number of other research reports. Bank of America raised their target price on Cadence Design Systems from $225.00 to $240.00 in a report on Tuesday, April 25th. KeyCorp raised their target price on Cadence Design Systems from $225.00 to $235.00 in a report on Tuesday, April 25th. Wells Fargo & Company raised their target price on Cadence Design Systems from $215.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 11th. Robert W. Baird lifted their price objective on Cadence Design Systems from $215.00 to $223.00 in a report on Tuesday, April 25th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Cadence Design Systems from $222.00 to $230.00 in a research report on Wednesday, April 26th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $220.80.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $205.76 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.33 and a current ratio of 1.44. The firm has a market cap of $56.11 billion, a price-to-earnings ratio of 65.74, a P/E/G ratio of 2.79 and a beta of 1.07. The business’s 50-day simple moving average is $208.34 and its 200-day simple moving average is $186.85. Cadence Design Systems has a 52 week low of $138.76 and a 52 week high of $219.09.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last issued its quarterly earnings data on Monday, April 24th. The software maker reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.04. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. Cadence Design Systems had a return on equity of 33.80% and a net margin of 23.24%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.95 EPS. As a group, equities research analysts expect that Cadence Design Systems will post 3.98 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,801 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $195.35, for a total value of $351,825.35. Following the sale, the vice president now owns 88,444 shares of the company’s stock, valued at approximately $17,277,535.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Anirudh Devgan sold 1,525 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $193.26, for a total value of $294,721.50. Following the sale, the chief executive officer now owns 172,414 shares of the company’s stock, valued at approximately $33,320,729.64. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Aneel Zaman sold 1,801 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $195.35, for a total value of $351,825.35. Following the completion of the sale, the vice president now directly owns 88,444 shares in the company, valued at approximately $17,277,535.40. The disclosure for this sale can be found here. Insiders have sold a total of 371,807 shares of company stock valued at $76,555,705 in the last 90 days. 1.67% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently bought and sold shares of CDNS. AllSquare Wealth Management LLC acquired a new position in Cadence Design Systems in the first quarter worth $27,000. Barrett & Company Inc. acquired a new position in Cadence Design Systems in the first quarter worth $30,000. ST Germain D J Co. Inc. acquired a new position in Cadence Design Systems in the fourth quarter worth $32,000. AdvisorNet Financial Inc boosted its stake in Cadence Design Systems by 70.5% in the first quarter. AdvisorNet Financial Inc now owns 150 shares of the software maker’s stock worth $32,000 after purchasing an additional 62 shares in the last quarter. Finally, Altshuler Shaham Ltd acquired a new position in Cadence Design Systems in the first quarter worth $32,000. Institutional investors and hedge funds own 84.06% of the company’s stock.

Cadence Design Systems Company Profile

(Get Rating)

Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.