Mizuho Begins Coverage on Cadence Design Systems (NASDAQ:CDNS)

Mizuho assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report released on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $325.00 target price on the software maker’s stock.

Other equities analysts have also issued reports about the company. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird reduced their target price 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $323.42.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $251.28 on Tuesday. 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 stock has a 50 day moving average price of $268.47 and a two-hundred day moving average price of $283.48. The firm has a market capitalization of $68.45 billion, a P/E ratio of 65.44, a P/E/G ratio of 3.37 and a beta of 1.02. Cadence Design Systems has a 52 week low of $228.66 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates 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 for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 EPS. Equities analysts forecast that Cadence Design Systems will post 4.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now owns 42,051 shares in the company, valued at $11,928,186.66. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock worth $7,728,272 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CDNS. RiverPark Advisors LLC bought a new position in Cadence Design Systems in the first quarter valued at $26,000. ORG Partners LLC increased its stake in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. Annapolis Financial Services LLC bought a new position in Cadence Design Systems in the first quarter valued at $32,000. Hollencrest Capital Management increased its stake in Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares during the last quarter. Finally, Chilton Capital Management LLC increased its stake in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after acquiring an additional 122 shares during the last quarter. Institutional investors own 84.85% 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.