Cadence Design Systems (NASDAQ:CDNS) Now Covered by Mizuho

Mizuho assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note published on Tuesday morning, Marketbeat reports. The brokerage issued an outperform rating and a $325.00 target price on the software maker’s stock.

Several other analysts have also recently issued reports on CDNS. KeyCorp raised their target price on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $323.42.

Cadence Design Systems Stock Up 0.9 %

Shares of NASDAQ:CDNS opened at $251.28 on Tuesday. The stock’s 50-day moving average price is $268.47 and its 200-day moving average price is $283.48. Cadence Design Systems has a 12-month low of $228.66 and a 12-month high of $328.99. The stock has a market capitalization of $68.45 billion, a P/E ratio of 65.44, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm earned $0.94 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,347 shares of company stock worth $7,728,272 over the last three months. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several large investors have recently made changes to their positions in CDNS. International Assets Investment Management LLC raised its holdings in Cadence Design Systems by 21.2% in the 1st quarter. International Assets Investment Management LLC now owns 1,237 shares of the software maker’s stock worth $386,000 after acquiring an additional 216 shares during the last quarter. Sunbelt Securities Inc. raised its holdings in Cadence Design Systems by 18.7% in the 1st quarter. Sunbelt Securities Inc. now owns 865 shares of the software maker’s stock worth $269,000 after acquiring an additional 136 shares during the last quarter. Brookstone Capital Management raised its holdings in Cadence Design Systems by 15.4% in the 1st quarter. Brookstone Capital Management now owns 1,037 shares of the software maker’s stock worth $323,000 after acquiring an additional 138 shares during the last quarter. DGS Capital Management LLC raised its holdings in Cadence Design Systems by 11.2% in the 1st quarter. DGS Capital Management LLC now owns 7,462 shares of the software maker’s stock worth $2,323,000 after acquiring an additional 750 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC raised its holdings in Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after acquiring an additional 41 shares during the last quarter. 84.85% of the stock is currently 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.