Cadence Design Systems (NASDAQ:CDNS) Given "Buy" Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS - Free Report) in a research report released on Tuesday morning,Benzinga reports. The firm currently has a $325.00 target price on the software maker's stock.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Redburn Atlantic assumed coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a "buy" rating and a $350.00 target price for the company. Bank of America reduced their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Finally, Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $322.54.

Cadence Design Systems Stock Up 0.7 %

Shares of NASDAQ CDNS traded up $1.99 during mid-day trading on Tuesday, reaching $299.73. 2,302,655 shares of the company's stock traded hands, compared to its average volume of 1,952,254. Cadence Design Systems has a 1-year low of $221.56 and a 1-year high of $328.99. The stock has a market cap of $82.22 billion, a P/E ratio of 77.65, a PEG ratio of 3.88 and a beta of 1.14. 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 business has a 50-day simple moving average of $257.13 and a 200 day simple moving average of $282.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 EPS. On average, analysts expect that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company's stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now directly owns 28,442 shares in the company, valued at $8,532,600. This trade represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,840 shares of company stock valued at $1,980,999 in the last three months. 1.99% of the stock is currently owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of large investors have recently made changes to their positions in the stock. Avior Wealth Management LLC boosted its stake in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after buying an additional 36 shares during the period. Accredited Investors Inc. grew its stake in Cadence Design Systems by 1.7% in the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after purchasing an additional 36 shares in the last quarter. Principal Street Partners LLC raised its holdings in shares of Cadence Design Systems by 2.6% in the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock valued at $437,000 after acquiring an additional 37 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after acquiring an additional 38 shares in the last quarter. Finally, Oarsman Capital Inc. boosted its position in Cadence Design Systems by 3.8% during the fourth quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock valued at $313,000 after purchasing an additional 38 shares in the last quarter. 84.85% of the stock is currently 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.