Cadence Design Systems, Inc. (NASDAQ:CDNS) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have received a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $326.92.

CDNS has been the subject of several recent analyst reports. Bank of America reduced their target price on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Piper Sandler boosted their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $254.38 on Thursday. The business’s 50-day moving average price is $297.15 and its 200 day moving average price is $286.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The firm has a market cap of $69.77 billion, a P/E ratio of 65.90, a P/E/G ratio of 3.88 and a beta of 1.03. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. On average, equities research analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock worth $33,538,875. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the company. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the third quarter worth about $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the 4th quarter worth about $28,000. Ancora Advisors LLC grew its holdings in Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after buying an additional 112 shares during the period. Finally, Avalon Trust Co acquired a new position in shares of Cadence Design Systems during the 4th quarter valued at about $39,000. Hedge funds and other institutional investors 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.