Cadence Design Systems (NASDAQ:CDNS) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada reiterated a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a research note on Friday, October 27th. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Wednesday, November 1st. Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. KeyCorp reiterated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Finally, DA Davidson raised their target price on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Cadence Design Systems presently has a consensus rating of “Buy” and a consensus target price of $44.50.

Shares of Cadence Design Systems (CDNS) traded up $0.20 during trading hours on Wednesday, reaching $45.07. 1,205,068 shares of the company traded hands, compared to its average volume of 2,398,705. Cadence Design Systems has a twelve month low of $25.42 and a twelve month high of $45.64. The firm has a market cap of $12,725.96, a P/E ratio of 48.46, a P/E/G ratio of 3.69 and a beta of 0.94. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The business had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. During the same period last year, the business posted $0.30 EPS. Cadence Design Systems’s revenue was up 8.8% on a year-over-year basis. equities research analysts anticipate that Cadence Design Systems will post 1.06 earnings per share for the current year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $41.97, for a total value of $4,197,000.00. Following the transaction, the chief executive officer now directly owns 445,833 shares of the company’s stock, valued at approximately $18,711,611.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Shoven sold 50,000 shares of the stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $45.00, for a total transaction of $2,250,000.00. Following the completion of the transaction, the director now directly owns 196,189 shares in the company, valued at $8,828,505. The disclosure for this sale can be found here. Over the last three months, insiders sold 380,974 shares of company stock worth $16,516,462. Insiders own 2.55% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in CDNS. Janus Henderson Group PLC raised its holdings in Cadence Design Systems by 73,454.0% in the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after acquiring an additional 20,673,635 shares during the period. APG Asset Management N.V. raised its holdings in Cadence Design Systems by 20,049.7% in the 3rd quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock valued at $144,746,000 after acquiring an additional 3,649,041 shares during the period. Canada Pension Plan Investment Board raised its holdings in Cadence Design Systems by 88.3% in the 3rd quarter. Canada Pension Plan Investment Board now owns 2,941,000 shares of the software maker’s stock valued at $116,081,000 after acquiring an additional 1,378,800 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Cadence Design Systems by 257.5% during the second quarter. JPMorgan Chase & Co. now owns 1,571,874 shares of the software maker’s stock worth $52,641,000 after purchasing an additional 1,132,146 shares during the period. Finally, Koch Industries Inc. increased its holdings in shares of Cadence Design Systems by 10,354.0% during the second quarter. Koch Industries Inc. now owns 1,024,180 shares of the software maker’s stock worth $994,000 after purchasing an additional 1,014,383 shares during the period. 84.63% of the stock is currently owned by hedge funds and other institutional investors.

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Cadence Design Systems Company Profile

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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