Cadence Design Systems (NASDAQ:CDNS) Raised to Buy at Wall Street Zen

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.

Other analysts also recently issued reports about the company. Robert W. Baird increased their price objective 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. Needham & Company LLC reissued a "buy" rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Mizuho increased their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. The Goldman Sachs Group assumed coverage on Cadence Design Systems in a research report on Thursday. They set a "buy" rating and a $380.00 price target for the company. Finally, Bank of America increased their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $327.93.

Cadence Design Systems Stock Down 0.6%

CDNS stock traded down $2.06 during trading on Friday, reaching $320.60. 1,201,465 shares of the stock were exchanged, compared to its average volume of 2,036,282. The firm's 50 day moving average is $307.83 and its 200 day moving average is $287.56. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $330.09. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. The firm has a market cap of $87.54 billion, a P/E ratio of 81.16, a price-to-earnings-growth ratio of 4.47 and a beta of 0.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. The firm 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%. The company's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.17 earnings per share. As a group, research analysts forecast that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the transaction, the vice president owned 105,499 shares in the company, valued at approximately $32,319,618.65. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the transaction, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,975 shares of company stock valued at $6,114,587. 1.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $1,170,209,000. GAMMA Investing LLC increased its holdings in shares of Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker's stock worth $309,835,000 after buying an additional 1,214,330 shares during the period. Nuveen LLC bought a new stake in shares of Cadence Design Systems in the first quarter worth about $289,744,000. Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 13.2% in the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker's stock worth $2,305,489,000 after purchasing an additional 1,054,702 shares during the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Cadence Design Systems by 53.1% in the fourth quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock worth $623,105,000 after purchasing an additional 716,041 shares during the last quarter. 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.