Redburn Atlantic Initiates Coverage on Cadence Design Systems (NASDAQ:CDNS)

Redburn Atlantic assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS - Free Report) in a research report report published on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $350.00 price objective on the software maker's stock.

CDNS has been the topic of a number of other reports. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target on the stock. Robert W. Baird raised their price objective 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. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a "buy" rating and a $360.00 target price on the stock. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price target for the company. One equities research 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $329.50.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $6.29 during midday trading on Monday, reaching $292.71. The stock had a trading volume of 559,146 shares, compared to its average volume of 1,168,338. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $80.28 billion, a P/E ratio of 76.83, a P/E/G ratio of 4.16 and a beta of 1.04. The firm has a fifty day simple moving average of $304.20 and a two-hundred day simple moving average of $285.41. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99.

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

Insider Activity

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now owns 61,111 shares of the company's stock, valued at $16,866,636. This represents a 1.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 109,916 shares of company stock worth $33,953,757 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors have recently bought and sold shares of the stock. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the 3rd quarter worth approximately $28,000. Versant Capital Management Inc lifted 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 in the last quarter. Prestige Wealth Management Group LLC grew its stake in 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 worth $45,000 after buying an additional 60 shares during the period. Finally, Meeder Asset Management Inc. increased its position 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 acquiring an additional 47 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.