Mizuho Initiates Coverage on Cadence Design Systems (NASDAQ:CDNS)

Investment analysts at Mizuho assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report issued on Tuesday, Briefing.com reports. The firm set an “outperform” rating and a $325.00 price target on the software maker’s stock. Mizuho’s price target indicates a potential upside of 28.38% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird decreased their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $323.42.

Cadence Design Systems Stock Down 2.1 %

NASDAQ CDNS opened at $253.15 on Tuesday. The stock has a market cap of $68.96 billion, a PE ratio of 65.92, a PEG ratio of 3.37 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. Cadence Design Systems has a twelve month low of $228.66 and a twelve month high of $328.99. The firm has a 50-day simple moving average of $269.32 and a 200 day simple moving average of $284.12.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. 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 business’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the business earned $0.94 earnings per share. On average, research analysts forecast that Cadence Design Systems will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This 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 available through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on 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 transaction, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were 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 owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,347 shares of company stock valued at $7,728,272. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Swedbank AB purchased a new position in shares of Cadence Design Systems in the 1st quarter worth about $439,988,000. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the period. Meridiem Investment Management Ltd. bought a new stake in Cadence Design Systems in the 3rd quarter valued at $129,285,000. BNP Paribas Financial Markets increased its holdings in shares of Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after acquiring an additional 459,603 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.