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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given a consensus rating of “Moderate Buy” by the nine research firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $326.11.

A number of research analysts recently commented on the company. Robert W. Baird increased their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Piper Sandler dropped their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Wells Fargo & Company upped their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th.

Insider Activity

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $309.16, for a total transaction of $463,740.00. Following the completion of the sale, the director now owns 51,683 shares of the company’s stock, valued at approximately $15,978,316.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold a total of 173,066 shares of company stock valued at $52,199,975 over the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $25,000. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the third quarter worth $26,000. Valley National Advisers Inc. increased its position in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. RiverPark Advisors LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at $26,000. Finally, Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $284.04 on Friday. Cadence Design Systems has a 12 month low of $198.92 and a 12 month high of $327.36. The firm has a market capitalization of $77.30 billion, a PE ratio of 73.97, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. The firm has a fifty day simple moving average of $301.33 and a two-hundred day simple moving average of $283.20. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the business earned $1.02 earnings per share. Cadence Design Systems’s revenue was down 1.2% compared to the same quarter last year. Analysts forecast that Cadence Design Systems will post 4.78 EPS 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.