Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $331.11 Average PT from Analysts

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given a consensus rating of “Moderate Buy” by the nine ratings firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $332.78.

CDNS has been the topic of several research reports. Piper Sandler reduced their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, May 17th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,134 shares of company stock valued at $12,232,169. 1.99% of the stock is owned by insiders.

Institutional Trading of Cadence Design Systems

A number of hedge funds have recently bought and sold shares of the business. Pinebridge Investments L.P. increased its holdings in shares of Cadence Design Systems by 37.5% during the 4th quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock worth $5,258,000 after buying an additional 5,269 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Cadence Design Systems by 3.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after purchasing an additional 3,899 shares during the period. USA Financial Formulas boosted its position in shares of Cadence Design Systems by 380.7% during the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker’s stock worth $2,430,000 after purchasing an additional 7,066 shares during the period. Miracle Mile Advisors LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $934,000. Finally, Dai ichi Life Insurance Company Ltd boosted its position in shares of Cadence Design Systems by 10.8% during the 4th quarter. Dai ichi Life Insurance Company Ltd now owns 65,971 shares of the software maker’s stock worth $17,969,000 after purchasing an additional 6,422 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $307.75 on Friday. Cadence Design Systems has a one year low of $217.77 and a one year high of $328.99. The stock’s fifty day moving average is $294.50 and its 200 day moving average is $293.70. The stock has a market cap of $83.84 billion, a P/E ratio of 80.14, a P/E/G ratio of 3.79 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period last year, the firm earned $1.02 earnings per share. Sell-side analysts anticipate that Cadence Design Systems will post 4.77 earnings per share for the current 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.