Cadence Design Systems (NASDAQ:CDNS) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning.

A number of other research analysts also recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Mizuho increased their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Needham & Company LLC cut their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $289.88 on Wednesday. The business’s fifty day simple moving average is $306.04 and its 200 day simple moving average is $284.61. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a market capitalization of $79.50 billion, a P/E ratio of 76.08, a price-to-earnings-growth ratio of 3.70 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the business posted $1.01 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $199,023.50. Following the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,528,267. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC increased its stake in Cadence Design Systems by 132.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after acquiring an additional 79,268 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. Avanza Fonder AB purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at about $6,046,000. Caisse DE Depot ET Placement DU Quebec bought a new stake in Cadence Design Systems in the 3rd quarter worth approximately $24,026,000. Finally, Zhang Financial LLC purchased a new stake in Cadence Design Systems in the fourth quarter worth approximately $381,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.