Analysts Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $326.00

Cadence Design Systems, Inc. (NASDAQ:CDNS) has received a consensus recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $326.00.

CDNS has been the subject of several recent research reports. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday. They issued an “overweight” rating and a $350.00 price objective for the company. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Finally, Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the sale, the director now owns 43,551 shares in the company, valued at $12,019,204.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 20.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

A number of hedge funds have recently bought and sold shares of the company. Lake Street Advisors Group LLC lifted its position in Cadence Design Systems by 12.6% in the first quarter. Lake Street Advisors Group LLC now owns 2,212 shares of the software maker’s stock valued at $689,000 after purchasing an additional 248 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Cadence Design Systems in the first quarter valued at approximately $26,030,000. Natixis Investment Managers International lifted its position in Cadence Design Systems by 11.9% in the first quarter. Natixis Investment Managers International now owns 858 shares of the software maker’s stock valued at $267,000 after purchasing an additional 91 shares during the last quarter. Ossiam lifted its position in Cadence Design Systems by 15.2% in the first quarter. Ossiam now owns 286,158 shares of the software maker’s stock valued at $89,075,000 after purchasing an additional 37,814 shares during the last quarter. Finally, Crewe Advisors LLC bought a new stake in Cadence Design Systems in the first quarter valued at approximately $139,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.2 %

Shares of Cadence Design Systems stock opened at $312.39 on Tuesday. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99. The firm has a market cap of $85.68 billion, a PE ratio of 81.99, a P/E/G ratio of 4.23 and a beta of 1.02. The stock has a fifty day moving average price of $279.36 and a 200-day moving average price of $283.82. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results 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. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm posted $1.01 EPS. The business’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts anticipate 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.