Cadence Design Systems (NASDAQ:CDNS) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $325.00 price objective on the software maker’s stock.

Several other equities research analysts have also recently issued reports on CDNS. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $258.27 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The company has a market cap of $70.83 billion, a price-to-earnings ratio of 66.91, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. The stock’s 50-day moving average is $301.51 and its two-hundred day moving average is $286.95. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) 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 return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Analysts forecast that Cadence Design Systems will post 5.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 25,909,187 shares of the software maker’s stock worth $7,784,674,000 after acquiring an additional 201,340 shares during the period. State Street Corp boosted its position in shares of Cadence Design Systems by 0.5% during the 3rd quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after purchasing an additional 60,490 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 5.3% during the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. FMR LLC grew its stake in shares of Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Cadence Design Systems by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock valued at $1,806,019,000 after purchasing an additional 135,251 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.