Cadence Design Systems (NASDAQ:CDNS) Earns Buy Rating from Analysts at Loop Capital

Loop Capital started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report sent to investors on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $360.00 price objective on the software maker’s stock.

Several other research analysts have also recently weighed in on the stock. Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Robert W. Baird increased 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. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Finally, Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Performance

CDNS opened at $300.90 on Monday. The firm has a market capitalization of $82.53 billion, a PE ratio of 78.98, a PEG ratio of 3.68 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99. The firm’s 50-day moving average price is $270.73 and its 200 day moving average price is $282.30.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results 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 business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business earned $1.01 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems will post 4.75 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Karna Nisewaner sold 1,213 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the sale, the senior vice president now directly owns 17,617 shares in the company, valued at $4,923,775.33. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,347 shares of company stock valued at $7,734,616. 1.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of CDNS. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after purchasing an additional 437,101 shares during the last quarter. Jennison Associates LLC raised its holdings in Cadence Design Systems by 2.7% during the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock worth $2,061,502,000 after purchasing an additional 198,230 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Cadence Design Systems by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after buying an additional 43,654 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after buying an additional 501,833 shares during the last quarter. 84.85% of the stock is currently 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.