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

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

A number of other brokerages also recently issued reports on CDNS. Robert W. Baird upped their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a report on Thursday, April 18th. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a report on Tuesday, April 16th. Rosenblatt Securities downgraded Cadence Design Systems from a buy rating to a neutral rating and increased their target price for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. StockNews.com cut Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday, April 16th. Finally, Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and upped their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of Moderate Buy and a consensus target price of $318.10.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $285.02 on Friday. 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 has a 50 day moving average of $305.09 and a 200 day moving average of $280.73. The company has a market capitalization of $77.59 billion, a price-to-earnings ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.02 earnings per share. On average, sell-side analysts predict that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 177,544 shares of company stock worth $53,581,207. 0.62% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in shares of Cadence Design Systems in the 4th quarter valued at $1,141,059,000. Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the period. Wellington Management Group LLP lifted its holdings in shares of 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 buying an additional 962,987 shares during the period. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 8.7% in the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares in the last quarter. 84.85% of the stock is owned by 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.