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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) have received a consensus rating of “Moderate Buy” from the thirteen research firms that are currently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $192.75.

Several equities research analysts recently weighed in on CDNS shares. Deutsche Bank Aktiengesellschaft started coverage on Cadence Design Systems in a report on Wednesday, September 28th. They set a “buy” rating and a $200.00 target price for the company. Rosenblatt Securities dropped their target price on Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating for the company in a report on Monday, October 24th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, November 16th. Robert W. Baird dropped their target price on Cadence Design Systems from $204.00 to $198.00 in a report on Tuesday, October 25th. Finally, Wolfe Research began coverage on Cadence Design Systems in a report on Tuesday, August 16th. They set an “outperform” rating and a $210.00 target price for the company.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $167.51 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $45.95 billion, a PE ratio of 58.98, a price-to-earnings-growth ratio of 2.73 and a beta of 1.07. The business’s 50-day moving average price is $158.58 and its 200-day moving average price is $161.28. Cadence Design Systems has a 12 month low of $132.32 and a 12 month high of $194.97.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its quarterly earnings data on Monday, October 24th. The software maker reported $1.06 EPS for the quarter, beating the consensus estimate of $0.96 by $0.10. The firm had revenue of $902.55 million for the quarter, compared to analyst estimates of $868.85 million. Cadence Design Systems had a return on equity of 33.19% and a net margin of 22.86%. The company’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 EPS. Sell-side analysts forecast that Cadence Design Systems will post 3.41 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lip Bu Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $162.87, for a total value of $8,143,500.00. Following the completion of the transaction, the insider now owns 602,589 shares in the company, valued at approximately $98,143,670.43. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Anirudh Devgan sold 1,523 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $176.34, for a total value of $268,565.82. Following the completion of the transaction, the chief executive officer now owns 180,859 shares in the company, valued at approximately $31,892,676.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Lip Bu Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $162.87, for a total value of $8,143,500.00. Following the completion of the transaction, the insider now owns 602,589 shares of the company’s stock, valued at approximately $98,143,670.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 240,480 shares of company stock worth $38,877,986. 1.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust increased its position in Cadence Design Systems by 45.9% during the 2nd quarter. Parkside Financial Bank & Trust now owns 334 shares of the software maker’s stock valued at $50,000 after buying an additional 105 shares in the last quarter. Victory Capital Management Inc. increased its position in Cadence Design Systems by 7.1% during the 1st quarter. Victory Capital Management Inc. now owns 756,052 shares of the software maker’s stock valued at $120,486,000 after buying an additional 49,969 shares in the last quarter. Jennison Associates LLC increased its position in Cadence Design Systems by 222.3% during the 2nd quarter. Jennison Associates LLC now owns 15,090 shares of the software maker’s stock valued at $2,264,000 after buying an additional 10,408 shares in the last quarter. Achmea Investment Management B.V. increased its position in Cadence Design Systems by 4.4% during the 1st quarter. Achmea Investment Management B.V. now owns 84,219 shares of the software maker’s stock valued at $13,850,000 after buying an additional 3,520 shares in the last quarter. Finally, TD Asset Management Inc. increased its position in Cadence Design Systems by 98.4% during the 1st quarter. TD Asset Management Inc. now owns 311,709 shares of the software maker’s stock valued at $51,264,000 after buying an additional 154,573 shares in the last quarter. Institutional investors own 84.02% of the company’s stock.

About Cadence Design Systems

(Get Rating)

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.

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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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