Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives Average Recommendation of “Moderate Buy” from Analysts

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given an average recommendation of “Moderate Buy” by the twelve brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $326.92.

Several research analysts have issued reports on CDNS shares. Bank of America decreased their price target on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Rosenblatt Securities lifted their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction on Friday, December 13th. The shares were 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 of the company’s stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,504,126 in the last quarter. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in shares of Cadence Design Systems by 10.7% in the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock valued at $672,300,000 after purchasing an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. lifted its stake in shares of Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after purchasing an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. lifted its stake in shares of Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock valued at $235,625,000 after purchasing an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Cadence Design Systems by 132.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock valued at $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $244.70 on Thursday. Cadence Design Systems has a 12 month low of $233.72 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The firm has a market capitalization of $67.07 billion, a PE ratio of 63.39, a P/E/G ratio of 3.88 and a beta of 1.03. The company’s 50 day simple moving average is $291.22 and its 200 day simple moving average is $285.98.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for the quarter, compared to analyst estimates 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, equities research analysts forecast that Cadence Design Systems will post 5.41 EPS for the current fiscal 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.