Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Cadence Design Systems, Inc. (NASDAQ:CDNS) has earned an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $334.56.

Several brokerages have commented on CDNS. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th.

Insider Activity

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold a total of 47,684 shares of company stock valued at $14,288,863 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of CDNS. Sequoia Financial Advisors LLC boosted its position in shares of Cadence Design Systems by 85.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 5,064 shares of the software maker’s stock worth $1,379,000 after acquiring an additional 2,339 shares during the last quarter. Financial Counselors Inc. lifted its position in Cadence Design Systems by 2.2% during the fourth quarter. Financial Counselors Inc. now owns 3,077 shares of the software maker’s stock valued at $838,000 after purchasing an additional 67 shares during the last quarter. Cerity Partners LLC lifted its position in Cadence Design Systems by 54.8% during the fourth quarter. Cerity Partners LLC now owns 5,515 shares of the software maker’s stock valued at $1,502,000 after purchasing an additional 1,952 shares during the last quarter. Valeo Financial Advisors LLC lifted its position in Cadence Design Systems by 12.8% during the fourth quarter. Valeo Financial Advisors LLC now owns 1,911 shares of the software maker’s stock valued at $520,000 after purchasing an additional 217 shares during the last quarter. Finally, Perigon Wealth Management LLC lifted its position in Cadence Design Systems by 107.3% during the fourth quarter. Perigon Wealth Management LLC now owns 2,340 shares of the software maker’s stock valued at $637,000 after purchasing an additional 1,211 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 3.1 %

NASDAQ CDNS opened at $280.12 on Friday. The stock’s fifty day moving average price is $292.90 and its 200-day moving average price is $296.11. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a market cap of $76.31 billion, a P/E ratio of 72.95, a P/E/G ratio of 3.14 and a beta of 1.03. Cadence Design Systems has a 12 month low of $217.77 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems will post 4.74 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.