Cadence Design Systems’ (CDNS) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report report published on Monday,Benzinga reports. They currently have a $390.00 price target on the software maker’s stock.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. boosted their target price on shares of Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Rosenblatt Securities lifted their price objective on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Citigroup started coverage on Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 target price on the stock. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Design Systems in a research report on Monday, December 15th. Fifteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.11.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $317.58 on Monday. The firm’s fifty day moving average is $323.44 and its two-hundred day moving average is $331.75. The firm has a market cap of $86.44 billion, a price-to-earnings ratio of 81.85, a PEG ratio of 4.08 and a beta of 1.05. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. Cadence Design Systems has a one year low of $221.56 and a one year high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.14. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Cadence Design Systems had a return on equity of 30.13% and a net margin of 20.35%.The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.64 EPS. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. Research analysts expect that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 27,805 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the completion of the transaction, the chief financial officer owned 69,957 shares of the company’s stock, valued at $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total value of $60,746.40. Following the completion of the sale, the director directly owned 7,650 shares in the company, valued at $2,581,722. This represents a 2.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 69,525 shares of company stock worth $23,021,216 in the last three months. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Cadence Design Systems by 1.2% during the third quarter. Vanguard Group Inc. now owns 26,923,317 shares of the software maker’s stock worth $9,457,084,000 after buying an additional 327,456 shares in the last quarter. State Street Corp boosted its position in Cadence Design Systems by 1.2% during the third quarter. State Street Corp now owns 12,468,162 shares of the software maker’s stock worth $4,379,567,000 after acquiring an additional 149,577 shares during the last quarter. Jennison Associates LLC boosted its position in Cadence Design Systems by 3.0% during the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock worth $2,877,536,000 after acquiring an additional 273,149 shares during the last quarter. Geode Capital Management LLC grew its stake in Cadence Design Systems by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock valued at $1,952,771,000 after acquiring an additional 77,478 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Cadence Design Systems by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after acquiring an additional 731,788 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.