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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given a consensus rating of “Moderate Buy” by the nine brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $326.11.

CDNS has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, Piper Sandler cut their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd.

Cadence Design Systems Stock Up 1.0 %

CDNS stock opened at $285.28 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $300.59 and a 200-day simple moving average of $283.21. The company has a market capitalization of $77.63 billion, a P/E ratio of 74.29, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems has a twelve month low of $198.92 and a twelve month high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (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 analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.02 EPS. On average, equities research analysts predict that Cadence Design Systems will post 4.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $1,141,059,000. Nordea Investment Management AB boosted its holdings in Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP grew its position in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after buying an additional 962,987 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after buying an additional 564,085 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.