Cadence Design Systems (NASDAQ:CDNS) Coverage Initiated by Analysts at The Goldman Sachs Group

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

A number of other equities research analysts have also issued reports on CDNS. Bank of America upped their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. Needham & Company LLC reiterated a "buy" rating and set a $325.00 price target on shares of Cadence Design Systems in a report on Tuesday, May 13th. Oppenheimer lowered their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Finally, Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a "neutral" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $327.93.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $0.71 during trading hours on Thursday, reaching $321.95. 699,237 shares of the company's stock were exchanged, compared to its average volume of 2,031,725. The company has a market cap of $87.91 billion, a P/E ratio of 81.46, a price-to-earnings-growth ratio of 4.48 and a beta of 0.99. Cadence Design Systems has a 1 year low of $221.56 and a 1 year high of $330.09. The company's 50 day moving average is $307.58 and its two-hundred day moving average is $287.48. 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 announced its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the business posted $1.17 earnings per share. The business's revenue for the quarter was up 23.1% on a year-over-year basis. Equities research analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity

In related news, CEO Anirudh Devgan sold 10,737 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer directly owned 209,548 shares of the company's stock, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 4,710 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $300.00, for a total transaction of $1,413,000.00. Following the sale, the vice president owned 28,442 shares in the company, valued at $8,532,600. This represents a 14.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,975 shares of company stock worth $6,114,587 in the last quarter. Insiders own 1.99% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. UMB Bank n.a. lifted its position in shares of Cadence Design Systems by 16.4% during the second quarter. UMB Bank n.a. now owns 1,211 shares of the software maker's stock worth $373,000 after purchasing an additional 171 shares in the last quarter. Diversified Trust Co lifted its position in shares of Cadence Design Systems by 9.3% during the second quarter. Diversified Trust Co now owns 939 shares of the software maker's stock worth $289,000 after purchasing an additional 80 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Cadence Design Systems by 466.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker's stock valued at $242,468,000 after purchasing an additional 647,931 shares in the last quarter. IFM Investors Pty Ltd grew its stake in Cadence Design Systems by 4.0% during the 2nd quarter. IFM Investors Pty Ltd now owns 55,903 shares of the software maker's stock valued at $17,227,000 after purchasing an additional 2,141 shares in the last quarter. Finally, Trust Point Inc. grew its stake in Cadence Design Systems by 4.3% during the 2nd quarter. Trust Point Inc. now owns 1,065 shares of the software maker's stock valued at $328,000 after purchasing an additional 44 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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.