Cadence Design Systems (NASDAQ:CDNS) Receives New Coverage from Analysts at Oppenheimer

Oppenheimer initiated coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an underperform rating and a $225.00 target price on the software maker’s stock.

A number of other analysts have also weighed in on the stock. Rosenblatt Securities restated a neutral rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Bank of America raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a buy rating in a report on Thursday, May 30th. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an outperform rating for the company in a report on Tuesday, July 23rd. KeyCorp lifted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an overweight rating in a research note on Thursday, June 27th. Finally, Needham & Company LLC reiterated a buy rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of Moderate Buy and a consensus target price of $323.60.

Cadence Design Systems Stock Down 0.0 %

NASDAQ CDNS opened at $274.13 on Wednesday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a market cap of $74.68 billion, a price-to-earnings ratio of 71.41, a PEG ratio of 3.30 and a beta of 1.02. The company has a 50 day moving average of $267.55 and a 200-day moving average of $289.41. Cadence Design Systems has a 1-year low of $227.77 and a 1-year high of $328.99.

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

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $29,179,582.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. In the last three months, insiders sold 38,272 shares of company stock worth $10,833,362. 1.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Empowered Funds LLC raised its holdings in Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after acquiring an additional 6,346 shares during the last quarter. Norden Group LLC raised its position in Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after buying an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. lifted its stake in Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after acquiring an additional 5,269 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Finally, Park National Corp OH grew its stake 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 acquiring an additional 22,537 shares during the period. 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.