Cadence Design Systems (NASDAQ:CDNS) Now Covered by Oppenheimer

Analysts at Oppenheimer began coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report issued on Wednesday, MarketBeat reports. The firm set an “underperform” rating and a $225.00 price target on the software maker’s stock. Oppenheimer’s price target would suggest a potential downside of 17.95% from the stock’s current price.

Several other research analysts also recently commented on the stock. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued 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 target price of $323.60.

Cadence Design Systems Stock Up 0.9 %

NASDAQ CDNS opened at $274.23 on Wednesday. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The company has a market cap of $74.71 billion, a price-to-earnings ratio of 71.49, a PEG ratio of 3.30 and a beta of 1.02. The company has a 50 day moving average of $267.62 and a 200-day moving average of $289.52. Cadence Design Systems has a 1-year low of $227.77 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations 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 revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business earned $0.94 earnings per share. On average, equities research analysts expect that Cadence Design Systems will post 4.73 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at approximately $17,357,250.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold 38,272 shares of company stock worth $10,833,362 in the last quarter. Company insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. RiverPark Advisors LLC bought a new position in Cadence Design Systems during the 1st quarter valued at $26,000. ORG Partners LLC lifted its position in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Annapolis Financial Services LLC purchased a new position in Cadence Design Systems during the first quarter worth about $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 in the last quarter. Finally, Rise Advisors LLC purchased a new stake in Cadence Design Systems in the 1st quarter valued at about $45,000. Institutional investors own 84.85% of the company’s stock.

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.