Cadence Design Systems (NASDAQ:CDNS) Now Covered by Analysts at Redburn Atlantic

Equities research analysts at Redburn Atlantic began coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report released 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 price target would indicate a potential upside of 17.06% from the stock’s previous close.

CDNS has been the subject of several other research reports. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird upped their price target 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 assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Finally, Oppenheimer assumed coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $299.00 on Monday. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. 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 cap of $82.00 billion, a price-to-earnings ratio of 78.48, a PEG ratio of 4.16 and a beta of 1.04. The firm’s fifty day moving average is $304.20 and its two-hundred day moving average is $285.41.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the company posted $1.01 EPS. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. Research analysts expect that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s 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 sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. The trade was a 3.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now directly owns 60,461 shares in the company, 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 have sold a total of 109,916 shares of company stock valued at $33,953,757 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. raised its position in shares of Cadence Design Systems by 7.8% in the second quarter. Oppenheimer & Co. Inc. now owns 5,237 shares of the software maker’s stock valued at $1,612,000 after buying an additional 377 shares during the last quarter. HBK Sorce Advisory LLC acquired a new position in shares of Cadence Design Systems in the second quarter valued at approximately $331,000. Oppenheimer Asset Management Inc. raised its position in shares of Cadence Design Systems by 17.3% in the second quarter. Oppenheimer Asset Management Inc. now owns 25,988 shares of the software maker’s stock valued at $7,998,000 after buying an additional 3,824 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Cadence Design Systems by 8.5% in the second quarter. Envestnet Asset Management Inc. now owns 629,440 shares of the software maker’s stock valued at $193,710,000 after buying an additional 49,399 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in shares of Cadence Design Systems by 72.5% in the second quarter. Brown Brothers Harriman & Co. now owns 2,856 shares of the software maker’s stock valued at $879,000 after buying an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.