Cadence Design Systems (NASDAQ:CDNS) Earns Neutral Rating from Rosenblatt Securities

Rosenblatt Securities restated their neutral rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $280.00 target price on the software maker’s stock.

Several other equities analysts also recently commented on CDNS. Piper Sandler upgraded Cadence Design Systems from a neutral rating to an overweight rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. Needham & Company LLC reiterated a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an outperform rating on the stock in a report on Tuesday, July 23rd. Finally, Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an underperform rating and a $225.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has a consensus rating of Moderate Buy and an average price target of $323.60.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $279.56 on Monday. The business has a fifty day simple moving average of $267.50 and a 200 day simple moving average of $286.73. The company has a market cap of $76.16 billion, a P/E ratio of 71.46, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a twelve month low of $228.66 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.94 earnings per share. On average, sell-side analysts forecast that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The sale 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 Cadence Design Systems stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,322 shares of company stock worth $7,768,048. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds have recently added to or reduced their stakes in CDNS. Personal CFO Solutions LLC grew its position in Cadence Design Systems by 9.2% in the 4th quarter. Personal CFO Solutions LLC now owns 1,499 shares of the software maker’s stock valued at $408,000 after purchasing an additional 126 shares during the period. Elo Mutual Pension Insurance Co increased its position in shares of Cadence Design Systems by 4.0% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 23,729 shares of the software maker’s stock worth $6,463,000 after acquiring an additional 914 shares in the last quarter. State of Tennessee Treasury Department raised its holdings in shares of Cadence Design Systems by 23.2% in the 4th quarter. State of Tennessee Treasury Department now owns 112,998 shares of the software maker’s stock worth $30,777,000 after acquiring an additional 21,297 shares during the last quarter. Nomura Holdings Inc. bought a new position in Cadence Design Systems in the 4th quarter valued at about $3,334,000. Finally, Symmetry Investments LP boosted its stake in Cadence Design Systems by 101.8% during the 4th quarter. Symmetry Investments LP now owns 9,082 shares of the software maker’s stock valued at $2,474,000 after purchasing an additional 4,582 shares during 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.