Cadence Design Systems (NASDAQ:CDNS) Now Covered by Analysts at Rosenblatt Securities

Rosenblatt Securities started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report sent to investors on Thursday, The Fly reports. The brokerage issued a buy rating on the software maker’s stock.

A number of other analysts also recently issued reports on CDNS. Credit Suisse Group boosted their price objective on shares of Cadence Design Systems from $135.00 to $155.00 and gave the company a neutral rating in a report on Monday, March 1st. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $160.00 to $165.00 and gave the company an overweight rating in a report on Tuesday, April 20th. Benchmark reissued a buy rating and issued a $150.00 price objective on shares of Cadence Design Systems in a report on Monday, March 1st. Robert W. Baird reissued a buy rating on shares of Cadence Design Systems in a report on Thursday, April 29th. Finally, Zacks Investment Research raised shares of Cadence Design Systems from a hold rating to a buy rating and set a $146.00 price objective for the company in a report on Thursday, February 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $146.92.

Shares of CDNS stock opened at $135.02 on Thursday. The company has a market cap of $37.57 billion, a P/E ratio of 56.84, a price-to-earnings-growth ratio of 3.86 and a beta of 1.00. The company has a quick ratio of 1.61, a current ratio of 1.70 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average is $129.63. Cadence Design Systems has a 52 week low of $90.05 and a 52 week high of $149.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Sunday, April 25th. The software maker reported $0.83 EPS for the quarter, topping the consensus estimate of $0.75 by $0.08. The business had revenue of $736.03 million during the quarter, compared to the consensus estimate of $717.79 million. Cadence Design Systems had a net margin of 23.34% and a return on equity of 27.00%. Cadence Design Systems’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS. As a group, equities research analysts anticipate that Cadence Design Systems will post 2.39 earnings per share for the current fiscal year.

In related news, CEO Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, April 15th. The shares were sold at an average price of $147.47, for a total transaction of $7,373,500.00. Following the completion of the transaction, the chief executive officer now directly owns 793,894 shares in the company, valued at approximately $117,075,548.18. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Aneel Zaman sold 61,936 shares of the company’s stock in a transaction that occurred on Wednesday, March 31st. The stock was sold at an average price of $135.00, for a total transaction of $8,361,360.00. Following the transaction, the vice president now owns 155,626 shares of the company’s stock, valued at $21,009,510. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 265,214 shares of company stock valued at $36,085,406. 2.31% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in CDNS. CVA Family Office LLC acquired a new position in Cadence Design Systems during the 1st quarter worth approximately $25,000. Baystate Wealth Management LLC increased its position in Cadence Design Systems by 316.3% in the 1st quarter. Baystate Wealth Management LLC now owns 179 shares of the software maker’s stock valued at $25,000 after acquiring an additional 136 shares during the period. Stonebridge Capital Advisors LLC acquired a new position in Cadence Design Systems in the 1st quarter valued at approximately $27,000. Geneos Wealth Management Inc. acquired a new position in Cadence Design Systems in the 1st quarter valued at approximately $27,000. Finally, Capital Asset Advisory Services LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 84.18% 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.

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