Cadence Design Systems (NASDAQ:CDNS) Coverage Initiated at Redburn Atlantic

Analysts at Redburn Atlantic began coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report issued on Monday, Marketbeat Ratings 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 18.97% from the company’s previous close.

Several other brokerages also recently commented on CDNS. Robert W. Baird raised their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective on the stock. Finally, Mizuho raised 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. 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, the company has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Price Performance

CDNS stock opened at $294.19 on Monday. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm has a market cap of $80.69 billion, a price-to-earnings ratio of 77.22, a PEG ratio of 4.16 and a beta of 1.04. The company’s fifty day simple moving average is $304.32 and its 200 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.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the business earned $1.01 EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, analysts expect that Cadence Design Systems will post 4.75 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. The trade was a 18.13 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,528,267 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Outlook Wealth Advisors LLC increased its stake in Cadence Design Systems by 32.2% in the 4th quarter. Outlook Wealth Advisors LLC now owns 1,605 shares of the software maker’s stock valued at $482,000 after buying an additional 391 shares during the last quarter. Sendero Wealth Management LLC grew its holdings in shares of Cadence Design Systems by 25.0% in the fourth quarter. Sendero Wealth Management LLC now owns 6,477 shares of the software maker’s stock valued at $1,946,000 after acquiring an additional 1,296 shares in the last quarter. Redhawk Wealth Advisors Inc. increased its position in shares of Cadence Design Systems by 4.6% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 11,565 shares of the software maker’s stock valued at $3,475,000 after acquiring an additional 509 shares during the last quarter. Covea Finance lifted its holdings in Cadence Design Systems by 28.4% during the fourth quarter. Covea Finance now owns 55,998 shares of the software maker’s stock worth $16,825,000 after acquiring an additional 12,400 shares during the period. Finally, Park Avenue Securities LLC boosted its position in Cadence Design Systems by 17.7% in the fourth quarter. Park Avenue Securities LLC now owns 22,427 shares of the software maker’s stock worth $6,738,000 after purchasing an additional 3,366 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other 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.