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

Analysts at The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $380.00 price target on the software maker’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 18.53% from the company’s previous close.

CDNS has been the subject of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday, May 13th. KeyCorp raised their price objective on shares of Cadence Design Systems from $355.00 to $375.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Bank of America upped their target price on Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Robert W. Baird increased their price target on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $327.93.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $320.60 on Thursday. The firm has a fifty day moving average of $307.83 and a 200-day moving average of $287.56. The company has a market cap of $87.54 billion, a price-to-earnings ratio of 81.16, a price-to-earnings-growth ratio of 4.47 and a beta of 0.99. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems has a 1 year low of $221.56 and a 1 year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $1.17 EPS. Cadence Design Systems’s revenue was up 23.1% on a year-over-year basis. As a group, equities analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Paul Scannell sold 4,710 shares of the business’s 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. The trade was a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 868 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 23,996 shares of the company’s stock, valued at $7,677,520.20. This represents a 3.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock worth $6,114,587 over the last three months. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several large investors have recently added to or reduced their stakes in CDNS. Vanguard Group Inc. raised its position in Cadence Design Systems by 1.7% during the first quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock valued at $6,698,834,000 after buying an additional 429,955 shares during the period. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 13.2% in the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after purchasing an additional 1,054,702 shares during the period. FMR LLC lifted its position in shares of Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cadence Design Systems by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after purchasing an additional 135,251 shares during the period. Finally, Alliancebernstein L.P. grew its position in Cadence Design Systems by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after purchasing an additional 632,175 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.