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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been assigned a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $327.92.

Several equities analysts have weighed in on CDNS shares. Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Loop Capital started coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Oppenheimer initiated 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 target for the company. Finally, Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $273.44, for a total transaction of $177,736.00. Following the sale, the vice president now owns 61,761 shares in the company, valued at $16,887,927.84. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,634 shares of company stock worth $1,584,080 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of large investors have recently made changes to their positions in CDNS. ORG Partners LLC grew its position in Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the last quarter. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems in the 3rd quarter valued at about $28,000. Prestige Wealth Management Group LLC raised its stake in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares during the last quarter. Finally, Chilton Capital Management LLC lifted its position in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $306.75 on Friday. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a 50 day moving average price of $289.00 and a 200 day moving average price of $285.60. The stock has a market capitalization of $84.13 billion, a P/E ratio of 80.51, a PEG ratio of 4.19 and a beta of 1.03.

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

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.