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

Loop Capital began coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note issued to investors on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $360.00 price objective on the software maker’s stock.

A number of other brokerages have also issued reports on CDNS. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Mizuho began coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Finally, Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Down 1.1 %

Shares of NASDAQ:CDNS opened at $303.04 on Monday. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99. The business has a 50 day simple moving average of $272.61 and a two-hundred day simple moving average of $282.58. The firm has a market capitalization of $83.11 billion, a PE ratio of 79.54, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.01 earnings per share. On average, equities analysts predict that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,634 shares of company stock valued at $4,217,635. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently made changes to their positions in the company. Erste Asset Management GmbH acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at $10,905,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Cadence Design Systems by 30.5% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 68,141 shares of the software maker’s stock valued at $18,468,000 after acquiring an additional 15,929 shares during the period. Kolinsky Wealth Management LLC increased its position in shares of Cadence Design Systems by 7.7% in the 3rd quarter. Kolinsky Wealth Management LLC now owns 1,123 shares of the software maker’s stock valued at $304,000 after acquiring an additional 80 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at $24,026,000. Finally, Eventide Asset Management LLC acquired a new position in shares of Cadence Design Systems in the 3rd quarter valued at $4,353,000. 84.85% of the stock is owned by institutional investors and hedge funds.

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.