Cadence Design Systems (NASDAQ:CDNS) Coverage Initiated at Loop Capital

Equities researchers at Loop Capital initiated coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note issued to investors on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $360.00 price target on the software maker’s stock. Loop Capital’s price objective points to a potential upside of 20.90% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Mizuho initiated coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $297.77 on Monday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s 50-day moving average price is $270.73 and its 200-day moving average price is $282.30. The firm has a market capitalization of $81.67 billion, a P/E ratio of 78.98, a P/E/G ratio of 3.68 and a beta of 1.02. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 earnings per share. Equities research analysts anticipate that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s 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 directly owns 42,051 shares in the company, valued at $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,347 shares of company stock worth $7,734,616 over the last three months. 1.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently bought and sold shares of CDNS. Park National Corp OH increased its holdings in shares of Cadence Design Systems by 19.8% in the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after purchasing an additional 22,537 shares during the period. Industrial Alliance Investment Management Inc. increased its stake in Cadence Design Systems by 83.4% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock worth $1,402,000 after acquiring an additional 2,048 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Cadence Design Systems by 88.4% in the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after acquiring an additional 25,347 shares in the last quarter. Teamwork Financial Advisors LLC grew its holdings in shares of Cadence Design Systems by 19.4% during the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock worth $3,559,000 after purchasing an additional 2,136 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in shares of Cadence Design Systems by 5.3% in the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock worth $61,957,000 after purchasing an additional 11,568 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.