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

Oppenheimer initiated coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report released on Wednesday morning, Marketbeat Ratings reports. The firm issued an underperform rating and a $225.00 target price on the software maker’s stock.

Several other research firms have also recently weighed in on CDNS. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an outperform rating for the company in a report on Tuesday, July 23rd. Needham & Company LLC reiterated a buy rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Bank of America lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a buy rating in a report on Thursday, May 30th. Rosenblatt Securities restated a neutral rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a neutral rating to an overweight rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of Moderate Buy and an average target price of $323.60.

Cadence Design Systems Stock Down 0.6 %

CDNS stock opened at $271.80 on Wednesday. Cadence Design Systems has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The company has a market capitalization of $74.04 billion, a price-to-earnings ratio of 70.78, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The business’s 50 day moving average price is $267.95 and its two-hundred day moving average price is $289.65.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $0.94 EPS. As a group, analysts forecast that Cadence Design Systems will post 4.73 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at approximately $10,278,485.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $307.75, for a total value of $184,650.00. Following the transaction, the senior vice president now directly owns 19,280 shares in the company, valued at approximately $5,933,420. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,272 shares of company stock worth $10,833,362. 1.99% of the stock is currently owned by company insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Gilbert & Cook Inc. grew its stake in shares of Cadence Design Systems by 8.3% during the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after purchasing an additional 278 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of Cadence Design Systems by 68.3% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 25,902 shares of the software maker’s stock worth $7,055,000 after buying an additional 10,516 shares during the period. TD Asset Management Inc boosted its holdings in Cadence Design Systems by 54.4% in the fourth quarter. TD Asset Management Inc now owns 484,532 shares of the software maker’s stock valued at $131,972,000 after acquiring an additional 170,739 shares during the last quarter. Stifel Financial Corp grew its position in Cadence Design Systems by 17.9% during the fourth quarter. Stifel Financial Corp now owns 80,306 shares of the software maker’s stock valued at $21,873,000 after acquiring an additional 12,194 shares during the period. Finally, Legacy Advisors LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth about $234,000. 84.85% of the stock is owned by hedge funds and other 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.