StockNews.com Upgrades Cadence Design Systems (NASDAQ:CDNS) to "Buy"

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) was upgraded by stock analysts at StockNews.com from a "hold" rating to a "buy" rating in a report released on Wednesday.

Several other equities research analysts have also weighed in on CDNS. Morgan Stanley raised Cadence Design Systems from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. KeyCorp increased their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an "overweight" rating in a research report on Monday, April 15th. Robert W. Baird increased their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a research report on Thursday, April 18th. Finally, Piper Sandler dropped their target price on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a research report on Tuesday. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $316.50.

Cadence Design Systems Stock Down 1.5 %

Shares of Cadence Design Systems stock traded down $4.10 on Wednesday, hitting $277.66. 2,328,275 shares of the company's stock traded hands, compared to its average volume of 1,566,116. The stock has a market cap of $75.59 billion, a P/E ratio of 72.31, a PEG ratio of 3.47 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The firm's 50-day moving average is $304.38 and its 200 day moving average is $280.97. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1 billion. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The business's revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.02 EPS. Equities analysts anticipate that Cadence Design Systems will post 4.81 earnings per share for the current year.

Insider Activity at Cadence Design Systems

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 value of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares of the company's stock, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 value of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares of the company's stock, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the firm's stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares of the company's stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 in the last quarter. 0.62% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CDNS. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker's stock valued at $6,674,006,000 after buying an additional 384,637 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Cadence Design Systems by 8.7% during 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. Norges Bank acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $1,141,059,000. Northern Trust Corp grew its holdings in shares of Cadence Design Systems by 5.6% during the 3rd quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker's stock worth $701,927,000 after purchasing an additional 158,031 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Cadence Design Systems by 4.9% during the 3rd quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker's stock worth $471,480,000 after purchasing an additional 93,984 shares in the last quarter. 84.85% of the stock is owned by 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.

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