Cadence Design Systems (NASDAQ:CDNS) Earns Buy Rating from Analysts at Redburn Atlantic

Redburn Atlantic started coverage on shares of Cadence Design Systems (NASDAQ:CDNSFree Report) in a report published on Monday, Marketbeat.com reports. The firm issued a buy rating and a $350.00 price target on the software maker’s stock.

A number of other equities analysts also recently commented on CDNS. Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Finally, Needham & Company LLC lowered their price objective on shares of 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’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Check Out Our Latest Report on CDNS

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $300.72 on Monday. The company’s fifty day simple moving average is $304.32 and its two-hundred day simple moving average is $285.20. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99. The firm has a market cap of $82.48 billion, a PE ratio of 78.93, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for 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%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.01 EPS. As a group, equities analysts expect that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock worth $33,528,267. Insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently bought and sold shares of the company. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the third quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $28,000. Versant Capital Management Inc increased its position in shares of Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring 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 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after acquiring an additional 47 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

About Cadence Design Systems

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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.

Further Reading

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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