Cadence Design Systems (NASDAQ:CDNS) Upgraded at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen upgraded shares of Cadence Design Systems (NASDAQ:CDNS – Free Report) from a hold rating to a buy rating in a report published on Saturday.

A number of other equities analysts have also recently weighed in on CDNS. Wells Fargo & Company upped their price target on Cadence Design Systems from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Robert W. Baird upped their target price on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Rosenblatt Securities increased their target price on Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research report on Tuesday, April 29th. KeyCorp reissued an “overweight” rating and issued a $358.00 price target (up previously from $340.00) on shares of Cadence Design Systems in a research note on Thursday, July 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $330.07.

View Our Latest Research Report on CDNS

Cadence Design Systems Stock Down 1.0%

Shares of CDNS opened at $317.49 on Friday. The company has a market capitalization of $86.69 billion, a price-to-earnings ratio of 80.38, a PEG ratio of 4.44 and a beta of 0.99. Cadence Design Systems has a 52 week low of $221.56 and a 52 week high of $330.09. The stock’s 50-day moving average price is $308.00 and its 200-day moving average price is $287.35. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. Cadence Design Systems’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.17 earnings per share. On average, sell-side analysts predict that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer directly owned 209,548 shares in the company, valued at $64,959,880. This represents a 4.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ita M. Brennan sold 180 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. The trade was a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock valued at $6,114,587 in the last 90 days. 1.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems in the first quarter valued at about $25,000. Costello Asset Management INC purchased a new stake in shares of Cadence Design Systems in the 1st quarter valued at approximately $25,000. Saudi Central Bank purchased a new stake in shares of Cadence Design Systems in the 1st quarter valued at approximately $27,000. Valley National Advisers Inc. lifted its holdings in shares of Cadence Design Systems by 707.1% in the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after acquiring an additional 99 shares during the last quarter. Finally, Ancora Advisors LLC boosted its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares during the period. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

About Cadence Design Systems

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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.

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