Cadence Design Systems (NASDAQ:CDNS) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a report published on Tuesday, Benzinga reports. Needham & Company LLC currently has a $320.00 price target on the software maker’s stock.

Other analysts also recently issued reports about the company. StockNews.com downgraded Cadence Design Systems from a buy rating to a hold rating in a research report on Thursday, May 2nd. Bank of America lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a buy rating in a research report on Thursday, May 30th. Piper Sandler reiterated a neutral rating and set a $318.00 target price on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an outperform rating on the stock in a research note on Tuesday. Finally, Rosenblatt Securities reaffirmed a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $334.56.

Cadence Design Systems Stock Up 0.2 %

Shares of CDNS opened at $258.79 on Tuesday. The company has a market cap of $70.50 billion, a PE ratio of 67.39, a P/E/G ratio of 3.21 and a beta of 1.03. The business has a fifty day moving average of $301.12 and a 200 day moving average of $297.81. Cadence Design Systems has a 52-week low of $217.77 and a 52-week high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, sell-side analysts expect that Cadence Design Systems will post 4.73 EPS for the current year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock worth $14,987,093 in the last three months. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at about $25,000. Valley National Advisers Inc. raised its stake in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the last quarter. RiverPark Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at about $26,000. ORG Partners LLC raised its stake in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the last quarter. Finally, Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems in the first quarter valued at about $32,000. 84.85% of the stock is currently 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.