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

Cadence Design Systems, Inc. (NASDAQ:CDNS) has received a consensus recommendation of “Moderate Buy” from the twelve research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $324.83.

Several research firms have recently issued reports on CDNS. Redburn Atlantic initiated coverage on Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Loop Capital cut their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Bank of America lowered their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Finally, Piper Sandler boosted their price target on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 101,021 shares of company stock valued at $31,229,155 over the last ninety days. 1.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds have recently bought and sold shares of the business. Swedbank AB grew its holdings in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the period. Intech Investment Management LLC grew its stake in Cadence Design Systems by 3.7% in the third quarter. Intech Investment Management LLC now owns 14,166 shares of the software maker’s stock worth $3,839,000 after purchasing an additional 499 shares in the last quarter. Raymond James Trust N.A. increased its holdings in Cadence Design Systems by 5.9% during the 3rd quarter. Raymond James Trust N.A. now owns 5,083 shares of the software maker’s stock worth $1,378,000 after purchasing an additional 283 shares during the period. Finally, Nicolet Advisory Services LLC raised its position in Cadence Design Systems by 7.2% during the 3rd quarter. Nicolet Advisory Services LLC now owns 1,458 shares of the software maker’s stock valued at $388,000 after purchasing an additional 98 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 2.2 %

CDNS stock opened at $256.69 on Monday. The company has a market capitalization of $70.36 billion, a price-to-earnings ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The business’s 50 day moving average price is $274.55 and its two-hundred day moving average price is $284.19. Cadence Design Systems has a fifty-two week low of $230.09 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. As a group, analysts forecast that Cadence Design Systems will post 5.41 earnings per share 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.