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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given a consensus rating of “Moderate Buy” by the thirteen research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $326.00.

Several equities research analysts recently issued reports on the stock. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Finally, Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the transaction, the vice president now owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,634 shares of company stock valued at $4,217,635. Corporate insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently made changes to their positions in CDNS. Park National Corp OH lifted its holdings 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 worth $41,931,000 after acquiring an additional 22,537 shares during the last quarter. Industrial Alliance Investment Management Inc. grew its stake in Cadence Design Systems by 83.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock worth $1,402,000 after buying an additional 2,048 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. SG Americas Securities LLC increased its position in Cadence Design Systems by 88.4% in the second quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock worth $16,625,000 after buying an additional 25,347 shares during the period. Finally, Teamwork Financial Advisors LLC lifted its stake in Cadence Design Systems by 19.4% in the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after buying an additional 2,136 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Up 1.7 %

Shares of CDNS stock opened at $311.87 on Tuesday. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $278.58 and a 200-day simple moving average of $283.62. The stock has a market cap of $85.53 billion, a P/E ratio of 81.86, a P/E/G ratio of 4.16 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.01 earnings per share. On average, analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current fiscal 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.