Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $326.00 Average Price Target from Analysts

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given an average rating of “Moderate Buy” by the thirteen ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $326.00.

CDNS has been the topic of a number of research analyst reports. Mizuho initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Finally, Needham & Company LLC dropped their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th.

Cadence Design Systems Stock Up 1.7 %

Shares of Cadence Design Systems stock opened at $311.87 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The business’s fifty day moving average price is $278.58 and its two-hundred day moving average price is $283.62. The company has a market capitalization of $85.53 billion, a P/E ratio of 81.86, a PEG ratio of 4.16 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.01 EPS. As a group, research analysts forecast that Cadence Design Systems will post 4.75 EPS for the current year.

Insiders Place Their Bets

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,634 shares of company stock worth $4,217,635. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently bought and sold shares of the business. Swedbank AB acquired a new position in shares of Cadence Design Systems during the 1st quarter worth about $439,988,000. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after buying an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the last quarter. Meridiem Investment Management Ltd. bought a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $129,285,000. Finally, 1832 Asset Management L.P. grew its stake in shares of Cadence Design Systems by 111.5% in the first quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after acquiring an additional 451,530 shares during 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.