Cadence Design Systems (NASDAQ:CDNS) Now Covered by Morgan Stanley

Morgan Stanley initiated coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report published on Friday, Marketbeat.com reports. The brokerage issued an equal weight rating and a $260.00 price objective on the software maker’s stock.

Other analysts have also issued research reports about the stock. KeyCorp lifted their target price on shares of Cadence Design Systems from $270.00 to $290.00 and gave the stock an overweight rating in a report on Thursday, September 14th. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $250.00 to $265.00 and gave the stock a buy rating in a report on Thursday, October 19th. StockNews.com started coverage on shares of Cadence Design Systems in a report on Thursday, October 5th. They set a buy rating for the company. Robert W. Baird boosted their price target on shares of Cadence Design Systems from $253.00 to $257.00 in a report on Tuesday, July 25th. Finally, Needham & Company LLC reissued a buy rating and issued a $268.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 24th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $264.50.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $261.56 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.44 and a quick ratio of 1.31. The firm has a market cap of $71.16 billion, a P/E ratio of 74.52, a P/E/G ratio of 3.25 and a beta of 1.04. The firm has a 50 day simple moving average of $241.25 and a 200 day simple moving average of $231.74. Cadence Design Systems has a fifty-two week low of $154.88 and a fifty-two week high of $262.46.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 23rd. The software maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. Cadence Design Systems had a net margin of 24.42% and a return on equity of 34.64%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the business earned $0.79 EPS. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems will post 4.13 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 7,500 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $234.53, for a total value of $1,758,975.00. Following the sale, the vice president now directly owns 116,679 shares of the company’s stock, valued at approximately $27,364,725.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 7,500 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $234.53, for a total transaction of $1,758,975.00. Following the sale, the vice president now directly owns 116,679 shares of the company’s stock, valued at approximately $27,364,725.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $231.86, for a total transaction of $279,855.02. Following the sale, the vice president now directly owns 66,080 shares in the company, valued at $15,321,308.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,279 shares of company stock valued at $5,049,575. 1.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Toroso Investments LLC lifted its stake in Cadence Design Systems by 7.1% in the 1st quarter. Toroso Investments LLC now owns 10,115 shares of the software maker’s stock valued at $2,125,000 after purchasing an additional 671 shares during the last quarter. Barrett & Company Inc. acquired a new stake in Cadence Design Systems in the 1st quarter valued at about $30,000. Cypress Capital Group lifted its stake in Cadence Design Systems by 6.6% in the 2nd quarter. Cypress Capital Group now owns 4,262 shares of the software maker’s stock valued at $1,000,000 after purchasing an additional 264 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in Cadence Design Systems by 5.5% in the 1st quarter. Handelsbanken Fonder AB now owns 33,910 shares of the software maker’s stock valued at $7,124,000 after purchasing an additional 1,765 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its stake in Cadence Design Systems by 1.4% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 13,231 shares of the software maker’s stock valued at $2,780,000 after purchasing an additional 178 shares during the last quarter. 83.95% of the stock is owned by 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.