Cadence Design Systems (NASDAQ:CDNS) Now Covered by Analysts at Berenberg Bank

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

CDNS has been the topic of several other reports. KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, October 7th. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Finally, Robert W. Baird dropped their price target on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $323.27.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $258.52 on Tuesday. The stock has a 50 day moving average price of $269.59 and a 200 day moving average price of $284.83. The firm has a market capitalization of $70.43 billion, a P/E ratio of 67.32, a P/E/G ratio of 3.37 and a beta of 1.02. Cadence Design Systems has a 52-week low of $228.66 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS. As a group, sell-side analysts predict that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now owns 61,761 shares in the company, valued at approximately $16,887,927.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,347 shares of company stock valued at $7,728,272. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

A number of large investors have recently added to or reduced their stakes in the business. RiverPark Advisors LLC acquired a new position in Cadence Design Systems in the 1st quarter worth approximately $26,000. ORG Partners LLC raised its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC bought a new position in Cadence Design Systems in the 1st quarter worth $32,000. Hollencrest Capital Management grew its position in Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after purchasing an additional 102 shares during the last quarter. Finally, Rise Advisors LLC acquired a new stake in Cadence Design Systems in the 1st quarter worth $45,000. 84.85% of the stock is currently 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.