Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $327.92 Consensus Target Price from Analysts

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given an average rating of “Moderate Buy” by the thirteen analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $327.92.

A number of equities research analysts recently issued reports on the company. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. 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, Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $313.49 on Friday. The firm has a fifty day simple moving average of $290.78 and a two-hundred day simple moving average of $285.75. Cadence Design Systems has a 52 week low of $241.29 and a 52 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 stock has a market capitalization of $85.98 billion, a P/E ratio of 82.28, a PEG ratio of 4.19 and a beta of 1.03.

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

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. The trade was a 3.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 1.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,475 shares of company stock worth $988,239. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Large investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its position in Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after purchasing an additional 572,251 shares during the period. Meridiem Investment Management Ltd. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth about $129,285,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after buying an additional 310,250 shares during the period. Finally, Marshall Wace LLP lifted its position in Cadence Design Systems by 153.4% in the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock valued at $144,953,000 after buying an additional 285,130 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.