Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives Consensus Rating of “Moderate Buy” from Analysts

Cadence Design Systems, Inc. (NASDAQ:CDNS) has earned an average rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $331.11.

A number of research analysts have commented on the stock. Piper Sandler reduced their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th.

Cadence Design Systems Trading Down 0.0 %

Shares of Cadence Design Systems stock opened at $318.39 on Friday. Cadence Design Systems has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a market cap of $86.74 billion, a price-to-earnings ratio of 82.91, a PEG ratio of 4.00 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average price is $292.83 and its 200-day moving average price is $292.05.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the firm posted $1.02 earnings per share. On average, equities analysts expect that Cadence Design Systems will post 4.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, CFO John M. Wall sold 21,700 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the completion of the sale, the chief financial officer now owns 41,035 shares of the company’s stock, valued at approximately $12,778,299. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO John M. Wall sold 21,700 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $311.40, for a total value of $6,757,380.00. Following the completion of the sale, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at approximately $12,778,299. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,834 shares of company stock worth $18,989,549. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently added to or reduced their stakes in CDNS. Vanguard Group Inc. boosted its position in shares of Cadence Design Systems by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after acquiring an additional 437,101 shares during the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the period. Norges Bank purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at $1,141,059,000. Nordea Investment Management AB increased its stake in shares of Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after buying an additional 145,351 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Cadence Design Systems by 25.4% during the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after buying an additional 402,884 shares during the period. 84.85% of the stock is owned by hedge funds and other 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.