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

Cadence Design Systems, Inc. (NASDAQ:CDNS) has received a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $325.23.

Several research analysts recently issued reports on CDNS shares. Robert W. Baird lifted their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Loop Capital cut their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Bank of America lifted their target price on Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Mizuho boosted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Finally, Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the sale, the chief executive officer now owns 209,548 shares of the company’s stock, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $303.00, for a total transaction of $196,950.00. Following the transaction, the vice president now directly owns 108,149 shares of the company’s stock, valued at $32,769,147. The trade was a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,577 shares of company stock worth $5,316,411. Corporate insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Institutional investors have recently modified their holdings of the company. Czech National Bank raised its holdings in Cadence Design Systems by 6.6% during the 4th quarter. Czech National Bank now owns 59,466 shares of the software maker’s stock worth $17,867,000 after buying an additional 3,686 shares during the period. Paragon Advisors LLC increased its holdings in shares of Cadence Design Systems by 5.3% during the 4th quarter. Paragon Advisors LLC now owns 6,810 shares of the software maker’s stock valued at $2,046,000 after acquiring an additional 345 shares during the last quarter. Brookstone Capital Management boosted its holdings in shares of Cadence Design Systems by 36.1% during the 4th quarter. Brookstone Capital Management now owns 14,532 shares of the software maker’s stock worth $4,366,000 after buying an additional 3,858 shares during the period. Capital Investment Advisors LLC boosted its stake in Cadence Design Systems by 7.8% during the 4th quarter. Capital Investment Advisors LLC now owns 6,367 shares of the software maker’s stock valued at $1,913,000 after purchasing an additional 461 shares during the period. Finally, Talbot Financial LLC bought a new position in Cadence Design Systems during the fourth quarter worth $300,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS opened at $321.56 on Tuesday. The stock’s 50 day moving average is $272.16 and its two-hundred day moving average is $286.52. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $328.99. The firm has a market capitalization of $87.80 billion, a PE ratio of 83.31, a P/E/G ratio of 3.88 and a beta of 1.04. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period last year, the company posted $1.17 earnings per share. Research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share 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.