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

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given an average rating of “Moderate Buy” by the nine brokerages that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $331.11.

CDNS has been the subject of a number of research reports. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Piper Sandler dropped their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, Bank of America boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $318.39 on Friday. The business’s 50 day simple moving average is $292.83 and its 200-day simple moving average is $292.05. The firm has a market capitalization of $86.74 billion, a price-to-earnings ratio of 82.91, a price-to-earnings-growth ratio of 4.00 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems has a 12 month low of $217.77 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 EPS. As a group, equities analysts forecast that Cadence Design Systems will post 4.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $310,460.00. Following the transaction, the vice president now directly owns 68,144 shares in the company, valued at approximately $21,155,986.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the completion of the sale, the vice president now owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John M. Wall sold 21,700 shares of Cadence Design Systems stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the completion of the sale, the chief financial officer now directly owns 41,035 shares of the company’s stock, valued at approximately $12,778,299. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,834 shares of company stock worth $18,989,549. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Pinebridge Investments L.P. raised its position in shares of Cadence Design Systems by 37.5% during the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after buying an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Cadence Design Systems by 3.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock valued at $30,435,000 after buying an additional 3,899 shares during the period. USA Financial Formulas lifted its holdings in Cadence Design Systems by 380.7% in the fourth quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock valued at $2,430,000 after buying an additional 7,066 shares during the period. Miracle Mile Advisors LLC acquired a new stake in Cadence Design Systems in the fourth quarter worth $934,000. Finally, Dai ichi Life Insurance Company Ltd raised its holdings in Cadence Design Systems by 10.8% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock worth $17,969,000 after purchasing an additional 6,422 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.