Cadence Design Systems (NASDAQ:CDNS) Coverage Initiated by Analysts at Berenberg Bank

Berenberg Bank started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report released on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $320.00 price target on the software maker’s stock.

CDNS has been the subject of several other reports. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an underperform rating and a $225.00 target price for the company. Needham & Company LLC restated a buy rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities restated a neutral rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, October 7th. Piper Sandler upgraded Cadence Design Systems from a neutral rating to an overweight rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Finally, Robert W. Baird lowered their price objective on Cadence Design Systems from $341.00 to $338.00 and set an outperform rating on the stock in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $323.27.

Cadence Design Systems Stock Down 4.5 %

Shares of CDNS stock opened at $269.47 on Tuesday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 12 month low of $228.66 and a 12 month high of $328.99. The stock has a market cap of $73.41 billion, a P/E ratio of 70.17, a P/E/G ratio of 3.37 and a beta of 1.02. The company has a 50 day simple moving average of $269.69 and a two-hundred day simple moving average of $285.52.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm earned $0.94 EPS. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 1,213 shares of Cadence Design Systems stock in a transaction on Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the transaction, the senior vice president now directly owns 17,617 shares of the company’s stock, valued at $4,923,775.33. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,847 shares of company stock valued at $7,302,782. Insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several large investors have recently added to or reduced their stakes in the stock. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $26,000. ORG Partners LLC boosted its stake in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. Annapolis Financial Services LLC bought a new position in Cadence Design Systems during the first quarter valued at $32,000. Hollencrest Capital Management raised its stake in shares of 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 period. Finally, Rise Advisors LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter worth about $45,000. 84.85% of the stock is owned by 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.