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.

Several other research firms have also commented on CDNS. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $253.00 to $257.00 in a report on Tuesday, July 25th. Stifel Nicolaus upgraded shares of Cadence Design Systems from a hold rating to a buy rating and boosted their price target for the company from $210.00 to $300.00 in a report on Thursday, July 20th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $250.00 to $270.00 and gave the company an overweight rating in a report on Tuesday, July 18th. Bank of America lifted their price objective on shares of Cadence Design Systems from $280.00 to $285.00 and gave the stock a buy rating in a research report on Tuesday, July 25th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $235.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 25th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $257.44.

Cadence Design Systems Trading Down 3.6 %

Shares of CDNS opened at $234.08 on Wednesday. Cadence Design Systems has a 1-year low of $138.76 and a 1-year high of $248.16. The company has a 50-day moving average of $234.76 and a 200 day moving average of $221.74. The firm has a market capitalization of $63.62 billion, a price-to-earnings ratio of 71.80, a PEG ratio of 3.21 and a beta of 1.03. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.26.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 24th. The software maker reported $1.22 EPS for the quarter, beating the consensus estimate of $1.18 by $0.04. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The business had revenue of $977.00 million during the quarter, compared to analyst estimates of $975.99 million. During the same quarter in the previous year, the business posted $0.85 EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems will post 4.1 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $241.26, for a total transaction of $965,040.00. Following the sale, the director now owns 66,683 shares of the company’s stock, valued at approximately $16,087,940.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,523 shares of Cadence Design Systems stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $233.97, for a total transaction of $356,336.31. Following the completion of the sale, the chief executive officer now directly owns 144,944 shares in the company, valued at approximately $33,912,547.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $241.26, for a total transaction of $965,040.00. Following the sale, the director now owns 66,683 shares of the company’s stock, valued at $16,087,940.58. The disclosure for this sale can be found here. In the last quarter, insiders have sold 70,511 shares of company stock valued at $16,268,306. Insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently bought and sold shares of the business. AllSquare Wealth Management LLC acquired a new stake in Cadence Design Systems during the 1st quarter valued at approximately $27,000. VisionPoint Advisory Group LLC acquired a new stake in Cadence Design Systems during the 2nd quarter valued at approximately $27,000. Barrett & Company Inc. acquired a new stake in Cadence Design Systems during the 1st quarter valued at approximately $30,000. Atlas Capital Advisors LLC lifted its stake in shares of Cadence Design Systems by 322.6% in the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after purchasing an additional 100 shares during the period. Finally, ST Germain D J Co. Inc. acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $32,000. 83.95% of the stock is currently owned by institutional investors and hedge funds.

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.