Cadence Design Systems (NASDAQ:CDNS) Coverage Initiated by Analysts at Redburn Atlantic

Redburn Atlantic began coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note issued to investors on Monday, MarketBeat Ratings reports. The firm issued a buy rating and a $350.00 price target on the software maker’s stock.

Several other equities research analysts have also recently weighed in on CDNS. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $292.50 on Monday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a market cap of $80.22 billion, a PE ratio of 76.77, a P/E/G ratio of 4.16 and a beta of 1.04. The business has a 50 day moving average of $304.26 and a 200 day moving average of $285.30. Cadence Design Systems has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue for the quarter 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. As a group, equities research analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current year.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,528,267 over the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CDNS. Van ECK Associates Corp raised its stake in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the period. Principal Financial Group Inc. raised its stake in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares during the period. Meridiem Investment Management Ltd. bought a new position in shares of Cadence Design Systems in the third quarter worth about $129,285,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Cadence Design Systems by 48.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the period. Finally, Marshall Wace LLP raised its stake in shares of Cadence Design Systems by 153.4% in the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock worth $144,953,000 after buying an additional 285,130 shares during the period. 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.