The Goldman Sachs Group Initiates Coverage on Cadence Design Systems (NASDAQ:CDNS)

The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS - Free Report) in a report issued on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $380.00 target price on the software maker's stock.

A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $300.00 to $325.00 in a report on Thursday, April 24th. Oppenheimer dropped their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research note on Wednesday, March 19th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Bank of America upped their price target on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus price target of $327.93.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $0.25 during trading on Thursday, hitting $322.66. The stock had a trading volume of 1,463,553 shares, compared to its average volume of 2,036,950. The business has a fifty day moving average of $307.12 and a two-hundred day moving average of $287.35. The firm has a market cap of $88.10 billion, a P/E ratio of 81.69, a PEG ratio of 4.48 and a beta of 0.99. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $330.09. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.18% and a return on equity of 29.36%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the firm posted $1.17 EPS. The business's revenue for the quarter was up 23.1% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the completion of the sale, the director owned 8,010 shares in the company, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James D. Plummer sold 868 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $319.95, for a total transaction of $277,716.60. Following the completion of the sale, the director owned 23,996 shares of the company's stock, valued at $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,975 shares of company stock valued at $6,114,587. Corporate insiders own 1.99% of the company's stock.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently made changes to their positions in CDNS. Legacy Capital Wealth Partners LLC boosted its holdings in Cadence Design Systems by 2.8% in the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,214 shares of the software maker's stock valued at $309,000 after purchasing an additional 33 shares during the period. Accredited Investors Inc. lifted its holdings in shares of Cadence Design Systems by 1.7% during the fourth quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock valued at $654,000 after acquiring an additional 36 shares during the period. Empower Advisory Group LLC boosted its position in Cadence Design Systems by 4.1% in the first quarter. Empower Advisory Group LLC now owns 911 shares of the software maker's stock valued at $232,000 after buying an additional 36 shares in the last quarter. Gamco Investors INC. ET AL boosted its holdings in shares of Cadence Design Systems by 0.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 13,337 shares of the software maker's stock worth $3,392,000 after acquiring an additional 36 shares in the last quarter. Finally, Principal Street Partners LLC grew its holdings in shares of Cadence Design Systems by 2.6% during the fourth quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after purchasing an additional 37 shares during the last quarter. 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.