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

Redburn Atlantic started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report report published on Monday morning, MarketBeat reports. The firm issued a buy rating and a $350.00 target price on the software maker’s stock.

Other equities analysts also recently issued research reports about the stock. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. 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 objective for the company. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Finally, Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Trading Up 2.2 %

NASDAQ:CDNS opened at $300.72 on Monday. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $304.32 and its 200 day moving average is $285.20. The stock has a market capitalization of $82.48 billion, a PE ratio of 78.93, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the company posted $1.01 earnings per share. The business’s revenue was up 18.8% on a year-over-year basis. Sell-side analysts expect that Cadence Design Systems will post 4.75 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Paul Scannell sold 3,171 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock worth $33,528,267. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CDNS. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems in the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter worth $28,000. Versant Capital Management Inc boosted its position in 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 period. Prestige Wealth Management Group LLC grew its stake 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. increased its holdings in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after buying an additional 47 shares during the period. 84.85% of the stock is currently owned by 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.