Analysts Set Cadence Design Systems, Inc. (NASDAQ:CDNS) Price Target at $326.92

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been assigned an average rating of “Moderate Buy” from the twelve analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $326.92.

Several brokerages have issued reports on CDNS. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities lifted their target price on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Robert W. Baird reduced their price target on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th.

Cadence Design Systems Stock Down 3.5 %

Shares of Cadence Design Systems stock opened at $241.74 on Thursday. Cadence Design Systems has a twelve month low of $240.35 and a twelve month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average is $293.85 and its 200 day moving average is $286.55. The company has a market cap of $66.26 billion, a price-to-earnings ratio of 62.63, a price-to-earnings-growth ratio of 3.88 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion for 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%. Research analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This represents a 12.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Scannell sold 3,171 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,766 shares of company stock valued at $33,339,852. 1.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems during the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems during the third quarter valued at $28,000. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at $28,000. Ancora Advisors LLC grew its stake in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in shares of Cadence Design Systems in the 4th quarter worth about $39,000. 84.85% of the stock is owned by institutional investors.

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.