Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $327.92 Consensus PT from Analysts

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given a consensus rating of “Moderate Buy” by the thirteen research firms that are presently covering the firm, MarketBeat Ratings 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 price objective among analysts that have updated their coverage on the stock in the last year is $327.92.

CDNS has been the subject of a number of analyst reports. Mizuho upped their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. Loop Capital initiated coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Finally, Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, October 15th. The shares were 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 directly owns 42,051 shares in the company, valued at $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,916 shares of company stock worth $33,953,757 in the last ninety days. Insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of large investors have recently modified their holdings of the stock. Private Advisor Group LLC lifted its position in shares of Cadence Design Systems by 42.4% during the 2nd quarter. Private Advisor Group LLC now owns 7,875 shares of the software maker’s stock worth $2,424,000 after buying an additional 2,343 shares during the last quarter. Savant Capital LLC increased its position in shares of Cadence Design Systems by 10.1% during the second quarter. Savant Capital LLC now owns 2,663 shares of the software maker’s stock worth $820,000 after purchasing an additional 244 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of Cadence Design Systems by 34.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,671 shares of the software maker’s stock valued at $822,000 after purchasing an additional 686 shares during the period. Ausdal Financial Partners Inc. grew its stake in Cadence Design Systems by 20.0% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 986 shares of the software maker’s stock worth $303,000 after buying an additional 164 shares during the last quarter. Finally, Quest Partners LLC increased its position in Cadence Design Systems by 1,792.2% during the second quarter. Quest Partners LLC now owns 2,195 shares of the software maker’s stock worth $676,000 after buying an additional 2,079 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $299.00 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market capitalization of $82.00 billion, a price-to-earnings ratio of 78.48, a PEG ratio of 4.16 and a beta of 1.03. The firm’s 50 day simple moving average is $304.20 and its 200-day simple moving average is $285.76. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99.

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, beating the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for 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%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the business earned $1.01 earnings per share. Analysts expect that Cadence Design Systems will post 4.75 EPS for the current year.

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.