Cadence Design Systems (CDNS) Upgraded by DA Davidson to “Buy”

DA Davidson upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a neutral rating to a buy rating in a research note issued to investors on Thursday, MarketBeat.com reports.

Several other equities research analysts have also issued reports on CDNS. Zacks Investment Research raised shares of Cadence Design Systems from a strong sell rating to a hold rating in a report on Tuesday, April 3rd. BidaskClub lowered shares of Cadence Design Systems from a hold rating to a sell rating in a report on Wednesday, February 7th. Credit Suisse Group reissued a neutral rating and issued a $43.00 price target (up previously from $37.00) on shares of Cadence Design Systems in a report on Thursday, February 1st. Finally, ValuEngine raised shares of Cadence Design Systems from a hold rating to a buy rating in a report on Thursday, March 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of Hold and an average price target of $44.20.

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Shares of Cadence Design Systems stock opened at $35.90 on Thursday. The firm has a market capitalization of $10,168.17, a price-to-earnings ratio of 33.87, a price-to-earnings-growth ratio of 3.51 and a beta of 1.14. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.47 and a current ratio of 1.53. Cadence Design Systems has a 52-week low of $30.92 and a 52-week high of $46.00.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The firm had revenue of $501.70 million for the quarter, compared to analyst estimates of $496.20 million. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 EPS. analysts expect that Cadence Design Systems will post 0.85 EPS for the current fiscal year.

In other news, President Anirudh Devgan sold 44,526 shares of the company’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total value of $2,004,115.26. Following the sale, the president now owns 377,019 shares of the company’s stock, valued at approximately $16,969,625.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 25,000 shares of the company’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $44.69, for a total transaction of $1,117,250.00. Following the completion of the sale, the chief executive officer now directly owns 458,333 shares in the company, valued at approximately $20,482,901.77. The disclosure for this sale can be found here. Insiders sold a total of 111,360 shares of company stock worth $4,733,915 in the last three months. Insiders own 2.55% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Pitcairn Co. grew its holdings in shares of Cadence Design Systems by 3.1% in the 4th quarter. Pitcairn Co. now owns 47,627 shares of the software maker’s stock worth $1,991,000 after purchasing an additional 1,445 shares during the last quarter. First Republic Investment Management Inc. grew its holdings in shares of Cadence Design Systems by 7.1% in the 3rd quarter. First Republic Investment Management Inc. now owns 22,584 shares of the software maker’s stock worth $892,000 after purchasing an additional 1,491 shares during the last quarter. Standard Life Aberdeen plc grew its holdings in shares of Cadence Design Systems by 3.3% in the 4th quarter. Standard Life Aberdeen plc now owns 51,273 shares of the software maker’s stock worth $2,144,000 after purchasing an additional 1,656 shares during the last quarter. Public Employees Retirement Association of Colorado grew its holdings in shares of Cadence Design Systems by 3.2% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 57,400 shares of the software maker’s stock worth $2,400,000 after purchasing an additional 1,766 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in shares of Cadence Design Systems by 5.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 36,934 shares of the software maker’s stock worth $1,458,000 after purchasing an additional 1,811 shares during the last quarter. 86.73% of the stock is currently owned by institutional investors and hedge funds.

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About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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