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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have received an average rating of “Moderate Buy” from the twelve analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $324.83.

Several equities analysts have recently weighed in on CDNS shares. Mizuho increased their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Robert W. Baird lowered their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the sale, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,021 shares of company stock worth $31,229,155. Corporate insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Large investors have recently made changes to their positions in the company. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $28,000. Ancora Advisors LLC increased its holdings in shares of Cadence Design Systems by 1,400.0% in the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after purchasing an additional 112 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the fourth quarter worth about $39,000. Versant Capital Management Inc increased its holdings in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC increased its holdings in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Performance

CDNS stock opened at $262.42 on Monday. The stock has a market capitalization of $71.93 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. Cadence Design Systems has a 12-month low of $230.09 and a 12-month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock’s 50 day simple moving average is $278.01 and its 200 day simple moving average is $284.19.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, research analysts forecast that Cadence Design Systems will post 5.41 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.