Cadence Design Systems' (CDNS) "Buy" Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS - Free Report) in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a $325.00 price objective on the software maker's stock.

Several other analysts have also recently issued reports on the company. Redburn Atlantic started coverage on Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Robert W. Baird increased their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. StockNews.com lowered Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Mizuho increased their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

Cadence Design Systems Stock Up 0.9%

Shares of CDNS stock traded up $2.79 during mid-day trading on Tuesday, reaching $321.56. 1,574,219 shares of the company were exchanged, compared to its average volume of 1,977,456. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The business's 50 day simple moving average is $272.16 and its 200 day simple moving average is $286.52. The company has a market capitalization of $87.80 billion, a P/E ratio of 83.31, a P/E/G ratio of 3.88 and a beta of 1.04. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period last year, the business earned $1.17 EPS. Research analysts predict that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 10,737 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm'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 transaction of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares of the company's stock, valued at $14,689,425.79. This represents a 1.11% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,577 shares of company stock worth $5,316,411. Company insiders own 1.99% of the company's stock.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently modified their holdings of CDNS. Smallwood Wealth Investment Management LLC purchased a new position in Cadence Design Systems during the 1st quarter valued at about $25,000. Costello Asset Management INC purchased a new position in Cadence Design Systems during the first quarter valued at approximately $25,000. Saudi Central Bank acquired a new position in Cadence Design Systems in the 1st quarter valued at approximately $27,000. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $28,000. Finally, Valley National Advisers Inc. lifted its position in 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 buying an additional 99 shares in the last quarter. Institutional investors and hedge funds 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.