Cadence Design Systems (NASDAQ:CDNS) Upgraded 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 research report released on Wednesday morning.

Several other research analysts have also recently issued reports on the stock. Robert W. Baird upped their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a report on Thursday, April 18th. KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday, April 15th. Piper Sandler reduced their target price on Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a report on Tuesday. Stifel Nicolaus raised their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research note on Tuesday, April 16th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $316.50.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $277.66 on Wednesday. The firm has a market capitalization of $75.59 billion, a PE ratio of 72.31, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The business’s fifty day moving average price is $304.38 and its 200 day moving average price is $280.97. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.02 EPS. On average, sell-side analysts anticipate that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director James D. Plummer sold 2,412 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the sale, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,044 shares of company stock worth $52,231,207. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in Cadence Design Systems during the fourth quarter worth $1,141,059,000. Nordea Investment Management AB increased its position in Cadence Design Systems by 124.8% during the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP raised its stake in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after buying an additional 448,918 shares in the last quarter. 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.