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

Benchmark assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report sent to investors on Thursday, TipRanks reports. The firm issued a buy rating and a $90.00 price objective on the software maker’s stock.

A number of other equities research analysts also recently weighed in on the company. Bank of America lifted their target price on Cadence Design Systems from $80.00 to $83.00 and gave the stock a neutral rating in a report on Thursday. ValuEngine downgraded Cadence Design Systems from a sell rating to a strong sell rating in a report on Thursday. Zacks Investment Research downgraded Cadence Design Systems from a buy rating to a hold rating and set a $74.00 price objective for the company. in a report on Tuesday, December 24th. Credit Suisse Group boosted their price objective on Cadence Design Systems from $75.00 to $80.00 and gave the company a neutral rating in a report on Thursday. Finally, Royal Bank of Canada restated an outperform rating and set a $85.00 price objective on shares of Cadence Design Systems in a report on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $82.00.

CDNS stock traded down $0.49 during mid-day trading on Thursday, reaching $78.76. The company’s stock had a trading volume of 1,329,662 shares, compared to its average volume of 1,438,370. The company has a market cap of $20.94 billion, a price-to-earnings ratio of 51.82, a price-to-earnings-growth ratio of 4.43 and a beta of 1.12. The business’s 50 day moving average price is $72.90 and its 200 day moving average price is $69.02. The company has a current ratio of 1.70, a quick ratio of 1.59 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 12 month low of $51.70 and a 12 month high of $79.68.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Wednesday, February 12th. The software maker reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The business had revenue of $599.56 million during the quarter, compared to the consensus estimate of $595.48 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. As a group, equities analysts expect that Cadence Design Systems will post 1.51 EPS for the current fiscal year.

In related news, VP Thomas P. Beckley sold 55,750 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $75.00, for a total transaction of $4,181,250.00. Following the completion of the sale, the vice president now owns 308,504 shares in the company, valued at $23,137,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lip Bu Tan sold 50,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $68.83, for a total value of $3,441,500.00. In the last 90 days, insiders have sold 353,949 shares of company stock valued at $25,290,546. Corporate insiders own 2.34% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CDNS. Amundi Pioneer Asset Management Inc. grew its holdings in Cadence Design Systems by 31.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock worth $18,610,000 after buying an additional 69,373 shares in the last quarter. BlackRock Inc. grew its holdings in Cadence Design Systems by 11.0% during the second quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock worth $1,615,142,000 after buying an additional 2,264,949 shares in the last quarter. Wealthfront Advisers LLC grew its holdings in Cadence Design Systems by 5.9% during the third quarter. Wealthfront Advisers LLC now owns 11,890 shares of the software maker’s stock worth $786,000 after buying an additional 662 shares in the last quarter. DNB Asset Management AS grew its holdings in Cadence Design Systems by 2.2% during the third quarter. DNB Asset Management AS now owns 75,531 shares of the software maker’s stock worth $4,991,000 after buying an additional 1,644 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Cadence Design Systems by 17.8% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,554 shares of the software maker’s stock worth $1,159,000 after buying an additional 2,658 shares in the last quarter. Institutional investors and hedge funds own 85.90% of the company’s stock.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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