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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms 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 twelve have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $329.50.

CDNS has been the topic of several analyst reports. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird upped their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday. They issued a “buy” rating and a $350.00 target price for the company.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,528,267 in the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Dudley Capital Management LLC grew its stake in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares in the last quarter. Trust Point Inc. lifted its stake in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after acquiring an additional 40 shares during the last quarter. Falcon Wealth Planning grew its position in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after acquiring an additional 40 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in shares of Cadence Design Systems by 0.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 40 shares during the last quarter. Finally, Venture Visionary Partners LLC raised its holdings in shares of Cadence Design Systems by 2.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Up 0.6 %

Shares of NASDAQ CDNS opened at $294.19 on Wednesday. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99. The firm’s 50-day moving average is $304.32 and its 200-day moving average is $285.20. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $80.69 billion, a PE ratio of 77.22, a price-to-earnings-growth ratio of 4.16 and a beta of 1.04.

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

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.