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

Cadence Design Systems, Inc. (NASDAQ:CDNS) has earned a consensus recommendation of “Moderate Buy” from the nine research firms that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $313.60.

A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird raised their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a report on Tuesday, February 13th. Finally, KeyCorp raised their price target on shares of Cadence Design Systems from $325.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th.

Cadence Design Systems Stock Down 1.4 %

Shares of NASDAQ:CDNS opened at $305.85 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a market cap of $83.26 billion, a PE ratio of 80.07, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. Cadence Design Systems has a 52 week low of $194.01 and a 52 week high of $327.36. The firm has a 50 day simple moving average of $306.47 and a 200 day simple moving average of $278.30.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. As a group, research analysts expect that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Paul Cunningham sold 1,000 shares of the firm’s 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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 212,044 shares of company stock worth $63,106,522. 1.99% of the stock is owned by insiders.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently bought and sold shares of CDNS. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the 3rd quarter worth $26,000. Valley National Advisers Inc. grew its position in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the last quarter. VisionPoint Advisory Group LLC bought a new position in shares of Cadence Design Systems during the 2nd quarter worth about $27,000. Harbour Investments Inc. lifted its holdings in shares of Cadence Design Systems by 66.1% during the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after acquiring an additional 39 shares during the period. Finally, Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth about $28,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.