Cadence Design Systems’ (CDNS) “Neutral” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reiterated their neutral rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note issued to investors on Monday, Benzinga reports. They currently have a $280.00 price objective on the software maker’s stock.

Other equities analysts have also issued reports about the company. Piper Sandler initiated coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a neutral rating and a $334.00 price objective for the company. StockNews.com downgraded Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday, April 16th. Morgan Stanley upgraded 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. Wells Fargo & Company increased their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research report on Tuesday, April 16th. Finally, 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. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $316.50.

Cadence Design Systems Price Performance

CDNS stock opened at $277.66 on Monday. The company has a market capitalization of $75.59 billion, a P/E ratio of 72.31, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The business has a 50-day simple moving average of $304.38 and a two-hundred day simple moving average of $280.97.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.02 EPS. Research analysts expect that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Insider Activity

In other news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at $7,229,914.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,044 shares of company stock worth $52,231,207. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake 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 worth $6,674,006,000 after purchasing an additional 384,637 shares in the last quarter. Jennison Associates LLC lifted its stake in Cadence Design Systems by 8.7% in 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 purchased a new stake in Cadence Design Systems in the 4th quarter worth $1,141,059,000. Northern Trust Corp raised its position 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 valued at $701,927,000 after buying an additional 158,031 shares in the last quarter. Finally, Invesco Ltd. raised its position 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 valued at $471,480,000 after buying an additional 93,984 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

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.