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

Oppenheimer started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report published on Wednesday, Marketbeat reports. The firm issued an underperform rating and a $225.00 target price on the software maker’s stock.

CDNS has been the subject of a number of other reports. Piper Sandler raised shares of Cadence Design Systems from a neutral rating to an overweight rating and set a $318.00 target price for the company in a report on Tuesday, August 6th. Robert W. Baird decreased their price objective on Cadence Design Systems from $341.00 to $338.00 and set an outperform rating for the company in a research report on Tuesday, July 23rd. Bank of America lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a buy rating in a research note on Thursday, May 30th. Needham & Company LLC restated a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, KeyCorp lifted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an overweight rating in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $323.60.

Cadence Design Systems Stock Down 0.0 %

CDNS opened at $274.13 on Wednesday. Cadence Design Systems has a one year low of $227.77 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The stock has a market capitalization of $74.68 billion, a P/E ratio of 71.39, a price-to-earnings-growth ratio of 3.30 and a beta of 1.02. The business’s 50-day simple moving average is $267.43 and its 200-day simple moving average is $289.20.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during 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%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.94 earnings per share. Analysts anticipate that Cadence Design Systems will post 4.73 EPS for the current year.

Insider Buying and Selling

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at approximately $29,179,582.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 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 SEC, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,272 shares of company stock valued at $10,833,362. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Fiduciary Trust Co increased its position in Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares in the last quarter. Capital Market Strategies LLC lifted its holdings in Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares in the last quarter. Inspire Advisors LLC boosted its stake in shares of Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after purchasing an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC grew its holdings in shares of Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares in the last quarter. Finally, First Affirmative Financial Network raised its position in shares of Cadence Design Systems by 3.6% in the first quarter. First Affirmative Financial Network now owns 1,325 shares of the software maker’s stock valued at $412,000 after buying an additional 46 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other 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.