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

Cadence Design Systems, Inc. (NASDAQ:CDNS) has earned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $327.92.

A number of research firms have weighed in on CDNS. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Finally, Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This trade represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,765 shares of company stock valued at $5,076,947 in the last 90 days. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds have recently made changes to their positions in the company. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the third quarter worth $27,000. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth about $28,000. Versant Capital Management Inc grew its holdings in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC increased its position in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its stake in shares of Cadence Design Systems by 30.3% in the third quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker’s stock worth $55,000 after acquiring an additional 47 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 2.1 %

Shares of CDNS stock opened at $301.67 on Wednesday. The stock’s 50 day simple moving average is $303.08 and its 200 day simple moving average is $285.59. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The company has a market capitalization of $82.74 billion, a price-to-earnings ratio of 79.18, a PEG ratio of 4.19 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the firm posted $1.01 earnings per share. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems will post 4.75 EPS 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.