Weekly Analysts’ Ratings Updates for Cadence Design Systems (CDNS)

Cadence Design Systems (NASDAQ: CDNS) recently received a number of ratings updates from brokerages and research firms:

• 5/2/2024 – Cadence Design Systems was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 4/24/2024 – Cadence Design Systems was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 4/23/2024 – Cadence Design Systems had its price target lowered by analysts at Piper Sandler from $334.00 to $318.00. They now have a “neutral” rating on the stock.
• 4/22/2024 – Cadence Design Systems had its “neutral” rating reaffirmed by analysts at Rosenblatt Securities. They now have a $280.00 price target on the stock.
• 4/19/2024 – Cadence Design Systems had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $320.00 price target on the stock.
• 4/18/2024 – Cadence Design Systems had its price target raised by analysts at Robert W. Baird from $302.00 to $322.00. They now have an “outperform” rating on the stock.
• 4/16/2024 – Cadence Design Systems had its price target raised by analysts at Wells Fargo & Company from $330.00 to $350.00. They now have an “overweight” rating on the stock.
• 4/16/2024 – Cadence Design Systems was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 4/15/2024 – Cadence Design Systems had its price target raised by analysts at KeyCorp from $335.00 to $340.00. They now have an “overweight” rating on the stock.
• 4/4/2024 – Cadence Design Systems is now covered by analysts at Piper Sandler. They set a “neutral” rating and a $334.00 price target on the stock.
• 3/12/2024 – Cadence Design Systems was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
• 3/6/2024 – Cadence Design Systems had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $320.00 price target on the stock.
• 3/4/2024 – Cadence Design Systems was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.

Cadence Design Systems Stock Up 0.2 %

Shares of NASDAQ CDNS traded up $0.42 during trading on Thursday, hitting $274.97. The stock had a trading volume of 680,963 shares, compared to its average volume of 1,573,713. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a fifty day moving average of $303.04 and a two-hundred day moving average of $281.95. Cadence Design Systems, Inc. has a 12 month low of $198.92 and a 12 month high of $327.36. The company has a market capitalization of $74.83 billion, a PE ratio of 71.61, a PEG ratio of 3.24 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data 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. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the firm posted $1.02 EPS. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, equities research analysts forecast that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,044 shares of company stock valued at $52,231,207. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently made changes to their positions in the business. Daiwa Securities Group Inc. raised its stake in Cadence Design Systems by 13.0% in the first quarter. Daiwa Securities Group Inc. now owns 84,112 shares of the software maker’s stock valued at $26,183,000 after purchasing an additional 9,673 shares in the last quarter. Graypoint LLC grew its position in Cadence Design Systems by 6.7% in the first quarter. Graypoint LLC now owns 1,935 shares of the software maker’s stock worth $602,000 after acquiring an additional 121 shares in the last quarter. Pittenger & Anderson Inc. raised its position in Cadence Design Systems by 6.1% during the first quarter. Pittenger & Anderson Inc. now owns 3,058 shares of the software maker’s stock valued at $952,000 after purchasing an additional 175 shares in the last quarter. Quent Capital LLC lifted its stake in Cadence Design Systems by 4.6% during the first quarter. Quent Capital LLC now owns 2,480 shares of the software maker’s stock worth $772,000 after purchasing an additional 110 shares during the last quarter. Finally, Gilbert & Cook Inc. increased its position in shares of Cadence Design Systems by 1.3% during the 1st quarter. Gilbert & Cook Inc. now owns 3,666 shares of the software maker’s stock valued at $1,141,000 after purchasing an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.