Cadence Design Systems (NASDAQ:CDNS) Coverage Initiated by Analysts at Loop Capital

Loop Capital assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report released on Monday, Marketbeat reports. The brokerage issued a buy rating and a $360.00 price target on the software maker’s stock.

CDNS has been the topic of several other reports. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Mizuho started coverage on shares of Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note 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 company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Oppenheimer assumed coverage on shares of 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $300.90 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 market capitalization of $82.53 billion, a PE ratio of 78.98, a P/E/G ratio of 3.68 and a beta of 1.02. 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 company has a 50-day simple moving average of $270.73 and a two-hundred day simple moving average of $282.30.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. Research analysts expect that Cadence Design Systems will post 4.75 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now directly owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,347 shares of company stock worth $7,734,616 over the last quarter. 1.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Swedbank AB acquired a new position in Cadence Design Systems during the first quarter worth $439,988,000. Principal Financial Group Inc. raised its position in shares of Cadence Design Systems by 280.1% during the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp lifted its stake in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after buying an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. acquired a new stake in Cadence Design Systems in the 3rd quarter worth about $129,285,000. Finally, 1832 Asset Management L.P. increased its stake in Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after buying an additional 451,530 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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.