Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $323.42 Average PT from Analysts

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given a consensus recommendation of “Moderate Buy” by the twelve analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $323.42.

CDNS has been the topic of several recent analyst reports. Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, October 7th. Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Robert W. Baird reduced their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Finally, Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock.

Cadence Design Systems Stock Up 2.4 %

Shares of Cadence Design Systems stock opened at $257.30 on Friday. Cadence Design Systems has a 12-month low of $228.66 and a 12-month high of $328.99. The firm has a market capitalization of $70.09 billion, a PE ratio of 67.01, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The stock’s fifty day moving average is $267.42 and its 200-day moving average is $282.53.

Insider Activity at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,347 shares of company stock valued at $7,728,272. Insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Market Strategies LLC raised its position in shares of Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares during the period. Inspire Advisors LLC lifted its position in Cadence Design Systems by 1.8% during the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after acquiring an additional 40 shares during the last quarter. Trust Point Inc. lifted its position in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after acquiring an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC grew its position in shares of Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares during the last quarter. Finally, Venture Visionary Partners LLC grew its position in shares of Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after purchasing an additional 41 shares during the last quarter. 84.85% of the stock is currently 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.