Cadence Design Systems (NASDAQ:CDNS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a buy rating in a report released on Wednesday,Wall Street Zen reports.

A number of other equities analysts have also recently commented on CDNS. Benchmark reiterated a “buy” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $420.00 price objective (up from $400.00) on shares of Cadence Design Systems in a research report on Wednesday, October 7th. Needham & Company LLC lifted their target price on Cadence Design Systems from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday. JPMorgan Chase & Co. boosted their target price on Cadence Design Systems from $405.00 to $420.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Citigroup boosted their target price on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $410.05.

Cadence Design Systems Price Performance

Shares of CDNS opened at $327.89 on Wednesday. The company has a market cap of $89.97 billion, a price-to-earnings ratio of 54.93, a PEG ratio of 3.25 and a beta of 1.13. Cadence Design Systems has a 1-year low of $262.75 and a 1-year high of $416.69. The company’s fifty day simple moving average is $320.53 and its 200 day simple moving average is $327.27. The company has a current ratio of 1.36, a quick ratio of 1.53 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The company’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.93 earnings per share. On average, research analysts forecast that Cadence Design Systems will post 6.71 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $350.07, for a total value of $437,587.50. Following the transaction, the director owned 39,544 shares in the company, valued at approximately $13,843,168.08. This represents a 3.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $339.00, for a total transaction of $94,920.00. Following the completion of the transaction, the vice president owned 31,720 shares in the company, valued at approximately $10,753,080. This trade represents a 0.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 8,960 shares of company stock worth $2,834,139. 0.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Westfuller Advisors LLC boosted its holdings in Cadence Design Systems by 8.2% in the first quarter. Westfuller Advisors LLC now owns 408 shares of the software maker’s stock valued at $113,000 after purchasing an additional 31 shares during the period. Cornerstone Planning Group LLC grew its stake in Cadence Design Systems by 32.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock worth $37,000 after purchasing an additional 32 shares in the last quarter. KCM Investment Advisors LLC increased its holdings in Cadence Design Systems by 0.4% during the 1st quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker’s stock worth $2,227,000 after purchasing an additional 32 shares during the period. Fulton Bank N.A. increased its holdings in Cadence Design Systems by 2.6% during the 2nd quarter. Fulton Bank N.A. now owns 1,296 shares of the software maker’s stock worth $486,000 after purchasing an additional 33 shares during the period. Finally, Victory Financial Group LLC increased its holdings in Cadence Design Systems by 3.1% during the 3rd quarter. Victory Financial Group LLC now owns 1,135 shares of the software maker’s stock worth $375,000 after purchasing an additional 34 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.