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

Redburn Atlantic assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $350.00 target price on the software maker’s stock.

Other research analysts also recently issued research reports about the company. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Berenberg Bank initiated coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Trading Down 2.2 %

Shares of Cadence Design Systems stock opened at $292.50 on Monday. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99. The firm 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 stock has a fifty day moving average price of $304.26 and a 200-day moving average price of $285.30. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate 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 quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 EPS. Equities research analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock valued at $33,528,267. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Hedge funds have recently bought and sold shares of the company. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems in the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter valued at approximately $28,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC lifted its position in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its position in Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after purchasing an additional 47 shares during the last quarter. 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.