Rosenblatt Securities Reaffirms “Neutral” Rating for Cadence Design Systems (NASDAQ:CDNS)

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

Several other brokerages also recently weighed in on CDNS. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Morgan Stanley raised Cadence Design Systems from an equal weight rating to an overweight rating and increased their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, StockNews.com downgraded Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $316.50.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $277.66 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The firm has a market cap of $75.59 billion, a PE ratio of 72.31, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company’s 50 day simple moving average is $304.38 and its 200-day simple moving average is $280.97. Cadence Design Systems has a 12-month low of $194.01 and a 12-month high of $327.36.

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

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock worth $52,231,207 in the last three months. Corporate insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CDNS. IFP Advisors Inc raised its stake in Cadence Design Systems by 11.1% in the 3rd quarter. IFP Advisors Inc now owns 1,863 shares of the software maker’s stock valued at $436,000 after purchasing an additional 186 shares during the last quarter. Global Retirement Partners LLC raised its stake in Cadence Design Systems by 12.1% in the 3rd quarter. Global Retirement Partners LLC now owns 2,417 shares of the software maker’s stock valued at $568,000 after purchasing an additional 261 shares during the last quarter. HB Wealth Management LLC raised its stake in Cadence Design Systems by 50.9% in the 3rd quarter. HB Wealth Management LLC now owns 2,596 shares of the software maker’s stock valued at $608,000 after purchasing an additional 876 shares during the last quarter. Capital Investment Advisors LLC increased its stake in shares of Cadence Design Systems by 53.9% during the 3rd quarter. Capital Investment Advisors LLC now owns 2,071 shares of the software maker’s stock valued at $485,000 after acquiring an additional 725 shares during the last quarter. Finally, Financial Enhancement Group LLC acquired a new position in shares of Cadence Design Systems during the 3rd quarter valued at about $812,000. 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.