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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) have earned a consensus recommendation of “Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $184.58.

CDNS has been the subject of several recent research reports. Rosenblatt Securities upped their price target on Cadence Design Systems from $173.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, February 23rd. Robert W. Baird decreased their price target on Cadence Design Systems from $211.00 to $203.00 in a report on Tuesday, April 26th. JPMorgan Chase & Co. decreased their price target on Cadence Design Systems from $185.00 to $175.00 and set a “neutral” rating for the company in a report on Wednesday, February 23rd. Needham & Company LLC upped their price target on Cadence Design Systems from $185.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday, April 26th. Finally, StockNews.com initiated coverage on Cadence Design Systems in a research report on Thursday, March 31st. They issued a “buy” rating on the stock.

NASDAQ CDNS opened at $146.37 on Monday. The company has a market cap of $40.36 billion, a price-to-earnings ratio of 54.82, a P/E/G ratio of 2.81 and a beta of 1.13. Cadence Design Systems has a 52 week low of $118.11 and a 52 week high of $192.70. The business has a 50 day moving average price of $154.83 and a 200-day moving average price of $163.46. The company has a quick ratio of 1.69, a current ratio of 1.81 and a debt-to-equity ratio of 0.13.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last announced its quarterly earnings results on Monday, April 25th. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.15. Cadence Design Systems had a return on equity of 31.01% and a net margin of 23.59%. The business had revenue of $902.00 million during the quarter, compared to the consensus estimate of $859.63 million. During the same quarter in the prior year, the company posted $0.67 earnings per share. Cadence Design Systems’s revenue was up 22.6% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems will post 3.13 earnings per share for the current year.

In other news, insider Lip Bu Tan sold 70,000 shares of the company’s stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $152.30, for a total transaction of $10,661,000.00. Following the transaction, the insider now owns 1,237,268 shares of the company’s stock, valued at approximately $188,435,916.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $134.63, for a total value of $134,630.00. The disclosure for this sale can be found here. Insiders have sold a total of 296,043 shares of company stock worth $45,192,594 in the last ninety days. Insiders own 1.99% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. lifted its holdings in Cadence Design Systems by 31.0% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock worth $18,610,000 after purchasing an additional 69,373 shares in the last quarter. Keybank National Association OH lifted its holdings in Cadence Design Systems by 59.0% during the 3rd quarter. Keybank National Association OH now owns 3,384 shares of the software maker’s stock worth $512,000 after purchasing an additional 1,256 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Cadence Design Systems by 13.6% during the 3rd quarter. Mackenzie Financial Corp now owns 28,441 shares of the software maker’s stock worth $4,307,000 after purchasing an additional 3,413 shares in the last quarter. TD Asset Management Inc. increased its stake in Cadence Design Systems by 12.1% in the 3rd quarter. TD Asset Management Inc. now owns 167,593 shares of the software maker’s stock worth $25,380,000 after acquiring an additional 18,141 shares during the last quarter. Finally, Ieq Capital LLC increased its stake in Cadence Design Systems by 90.5% in the 3rd quarter. Ieq Capital LLC now owns 5,101 shares of the software maker’s stock worth $773,000 after acquiring an additional 2,424 shares during the last quarter. 84.07% of the stock is currently owned by hedge funds and other institutional investors.

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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