Cadence Design Systems (NASDAQ:CDNS) Stock Rating Reaffirmed by Rosenblatt Securities

Rosenblatt Securities reissued their neutral rating on shares of Cadence Design Systems (NASDAQ:CDNS - Free Report) in a report released on Monday morning, Benzinga reports. Rosenblatt Securities currently has a $280.00 target price on the software maker's stock.

CDNS has been the subject of a number of other research reports. Robert W. Baird raised their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a research note on Thursday. StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. KeyCorp raised their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a report on Monday, April 15th. Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and raised their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Stifel Nicolaus raised their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Stock Up 1.7 %

Cadence Design Systems stock traded up $4.77 during mid-day trading on Monday, reaching $285.02. The stock had a trading volume of 2,739,894 shares, compared to its average volume of 1,514,106. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The stock's 50-day simple moving average is $305.52 and its 200-day simple moving average is $280.37. The firm has a market capitalization of $77.59 billion, a PE ratio of 73.36, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. During the same quarter last year, the firm posted $1.02 earnings per share. The company's revenue for the quarter was down 1.2% compared to the same quarter last year. On average, sell-side analysts forecast that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business's stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now directly owns 54,683 shares in the company, valued at $16,404,900. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business's stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the director now directly owns 54,683 shares in the company, valued at $16,404,900. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Aneel Zaman sold 1,207 shares of the business's 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 transaction, the vice president now owns 61,150 shares of the company's stock, valued at $18,583,485. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 over the last ninety days. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of CDNS. Norges Bank purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $1,141,059,000. Nordea Investment Management AB boosted 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 worth $515,995,000 after purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP boosted 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 worth $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Jennison Associates LLC boosted its holdings 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 worth $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings 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 worth $169,022,000 after purchasing an additional 448,918 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.