Cadence Design Systems (NASDAQ:CDNS – Get Free Report) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday.
A number of other equities analysts have also recently weighed in on the company. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $329.50.
Read Our Latest Report on CDNS
Cadence Design Systems Price Performance
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business earned $1.01 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. As a group, research analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 107,766 shares of company stock valued at $33,348,867. 1.99% of the stock is currently owned by company insiders.
Institutional Trading of Cadence Design Systems
Institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its stake in shares of Cadence Design Systems by 132.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after purchasing an additional 79,268 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after acquiring an additional 310,250 shares in the last quarter. Avanza Fonder AB acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $6,046,000. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $24,026,000. Finally, Zhang Financial LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter valued at approximately $381,000. 84.85% of the stock is 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.
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