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

Stock analysts at Redburn Atlantic initiated coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report issued on Monday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $350.00 price target on the software maker’s stock. Redburn Atlantic’s target price indicates a potential upside of 17.06% from the stock’s current price.

Other analysts also recently issued research reports about the company. Needham & Company LLC cut their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Robert W. Baird increased their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Finally, Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Stock Down 1.2 %

Shares of NASDAQ:CDNS opened at $299.00 on Monday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The firm has a market capitalization of $82.00 billion, a P/E ratio of 78.48, a P/E/G ratio of 4.16 and a beta of 1.04. The stock has a 50 day moving average price of $304.20 and a 200-day moving average price of $285.41. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99.

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 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%. 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 business posted $1.01 EPS. As a group, equities research analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,916 shares of company stock worth $33,953,757. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently made changes to their positions in CDNS. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the third quarter valued at $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter valued at $28,000. Versant Capital Management Inc grew its holdings 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 buying an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its holdings in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Cadence Design Systems by 30.3% during the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock valued at $55,000 after buying an additional 47 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

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.