Cadence Design Systems (CDNS) Given New $71.00 Price Target at Needham & Company LLC

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Cadence Design Systems (NASDAQ:CDNS) had its target price hoisted by stock analysts at Needham & Company LLC to $71.00 in a report released on Tuesday, The Fly reports. The brokerage currently has a “positive” rating on the software maker’s stock. Needham & Company LLC’s target price would suggest a potential upside of 6.65% from the stock’s previous close.

CDNS has been the subject of a number of other reports. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 15th. DA Davidson increased their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. ValuEngine raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 23rd. Finally, KeyCorp assumed coverage on Cadence Design Systems in a research report on Wednesday, April 10th. They set a “sector weight” rating for the company. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $55.75.

NASDAQ:CDNS traded up $2.36 on Tuesday, hitting $66.57. 2,533,864 shares of the stock were exchanged, compared to its average volume of 1,929,939. The stock has a market capitalization of $17.88 billion, a P/E ratio of 54.12, a P/E/G ratio of 3.77 and a beta of 1.11. Cadence Design Systems has a 52 week low of $36.65 and a 52 week high of $65.64. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.08. The firm had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $569.34 million. Cadence Design Systems had a return on equity of 28.36% and a net margin of 16.17%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 EPS. As a group, equities analysts predict that Cadence Design Systems will post 1.4 EPS for the current year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $64.98, for a total transaction of $2,599,200.00. Following the completion of the transaction, the chief executive officer now owns 859,852 shares of the company’s stock, valued at approximately $55,873,182.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Surendra Babu Mandava sold 3,306 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $58.46, for a total value of $193,268.76. Following the transaction, the vice president now directly owns 232,518 shares of the company’s stock, valued at approximately $13,593,002.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 392,227 shares of company stock valued at $21,982,062. Insiders own 2.34% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BB&T Corp acquired a new stake in Cadence Design Systems during the 1st quarter valued at $5,239,000. Conning Inc. acquired a new stake in Cadence Design Systems during the 1st quarter valued at $301,000. Jupiter Wealth Management LLC bought a new position in Cadence Design Systems during the 1st quarter worth $1,584,000. Strs Ohio increased its position in Cadence Design Systems by 19.0% during the 1st quarter. Strs Ohio now owns 43,664 shares of the software maker’s stock worth $2,773,000 after buying an additional 6,964 shares during the period. Finally, Bowling Portfolio Management LLC bought a new position in Cadence Design Systems during the 1st quarter worth $1,282,000. 87.65% of the stock is owned by institutional investors.

About Cadence Design Systems

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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