Cadence Design Systems, Inc. (CDNS) Earns Hold Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in a research note published on Sunday.

Several other equities research analysts have also commented on CDNS. BidaskClub lowered Cadence Design Systems from a strong-buy rating to a buy rating in a research report on Wednesday, July 5th. Royal Bank Of Canada restated a buy rating on shares of Cadence Design Systems in a research report on Friday, July 7th. Bank of America Corporation upped their target price on Cadence Design Systems from $38.00 to $41.00 and gave the company a buy rating in a research report on Tuesday, July 25th. Zacks Investment Research upgraded Cadence Design Systems from a hold rating to a buy rating and set a $42.00 target price on the stock in a research report on Thursday, July 27th. Finally, Credit Suisse Group restated an outperform rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $40.60.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The company had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. During the same quarter in the prior year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year.

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In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $37.18, for a total value of $3,718,000.00. Following the transaction, the chief executive officer now owns 583,332 shares in the company, valued at $21,688,283.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Geoffrey G. Ribar sold 35,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.31, for a total value of $1,305,850.00. Following the completion of the transaction, the chief financial officer now owns 204,413 shares in the company, valued at approximately $7,626,649.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 260,786 shares of company stock worth $10,186,400. Corporate insiders own 2.55% of the company’s stock.

Large investors have recently made changes to their positions in the business. Creative Planning boosted its holdings in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after acquiring an additional 2,323 shares in the last quarter. Dupont Capital Management Corp bought a new position in Cadence Design Systems in the third quarter worth approximately $170,000. Commonwealth Bank of Australia boosted its holdings in Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after acquiring an additional 1,300 shares in the last quarter. Parkwood LLC bought a new position in Cadence Design Systems in the third quarter worth approximately $201,000. Finally, Tocqueville Asset Management L.P. bought a new position in Cadence Design Systems in the second quarter worth approximately $206,000. Institutional investors and hedge funds own 85.46% of the company’s stock.

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).

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