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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been assigned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $323.60.

A number of research firms have recently issued reports on CDNS. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, August 6th. Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Robert W. Baird decreased their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th.

Insider Buying and Selling

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,672 shares of company stock valued at $7,590,312. Corporate insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Empowered Funds LLC raised its stake in Cadence Design Systems by 223.8% in the first quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock valued at $2,858,000 after buying an additional 6,346 shares in the last quarter. Norden Group LLC lifted its stake in Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares during the last quarter. Pinebridge Investments L.P. boosted its holdings in Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after purchasing an additional 5,269 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares in the last quarter. Finally, Park National Corp OH increased its stake in Cadence Design Systems by 19.8% in the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after purchasing an additional 22,537 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

CDNS opened at $274.13 on Monday. The company has a market cap of $74.68 billion, a price-to-earnings ratio of 71.39, a PEG ratio of 3.30 and a beta of 1.02. The firm’s fifty day simple moving average is $267.43 and its two-hundred day simple moving average is $288.92. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 52-week low of $227.77 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.94 earnings per share. Equities analysts anticipate that Cadence Design Systems will post 4.73 earnings per share for the current fiscal 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.