Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $324.83 Average PT from Analysts

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have earned an average recommendation of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $324.83.

Several equities research analysts recently commented on the stock. Piper Sandler lifted their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Robert W. Baird decreased their target price on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $263.41 on Monday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a fifty day simple moving average of $276.25 and a 200-day simple moving average of $284.31. The stock has a market cap of $72.20 billion, a P/E ratio of 68.24, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems has a 12-month low of $230.09 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Equities analysts expect that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares of the company’s stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. Swedbank AB grew its position in Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after buying an additional 230,672 shares during the period. Principal Financial Group Inc. increased its stake in Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Intech Investment Management LLC raised its holdings in Cadence Design Systems by 3.7% during the third quarter. Intech Investment Management LLC now owns 14,166 shares of the software maker’s stock worth $3,839,000 after purchasing an additional 499 shares during the last quarter. Raymond James Trust N.A. grew its holdings in Cadence Design Systems by 5.9% in the third quarter. Raymond James Trust N.A. now owns 5,083 shares of the software maker’s stock valued at $1,378,000 after purchasing an additional 283 shares during the last quarter. Finally, Nicolet Advisory Services LLC increased its position in shares of Cadence Design Systems by 7.2% in the third quarter. Nicolet Advisory Services LLC now owns 1,458 shares of the software maker’s stock valued at $388,000 after buying an additional 98 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

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.