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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) have been given a consensus recommendation of “Moderate Buy” by the thirteen analysts that are presently covering the firm, Marketbeat Ratings reports. Five investment 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 issued ratings on the stock in the last year is $192.75.

Several brokerages have weighed in on CDNS. Rosenblatt Securities reduced their price objective on Cadence Design Systems from $185.00 to $175.00 and set a “buy” rating on the stock in a research note on Monday, October 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Cadence Design Systems in a research note on Wednesday, September 28th. They set a “buy” rating and a $200.00 price objective on the stock. Wolfe Research assumed coverage on Cadence Design Systems in a research note on Tuesday, August 16th. They set an “outperform” rating and a $210.00 target price on the stock. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, November 16th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $200.00 target price on shares of Cadence Design Systems in a research note on Wednesday, October 26th.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $176.34, for a total transaction of $212,842.38. Following the sale, the vice president now directly owns 91,077 shares of the company’s stock, valued at approximately $16,060,518.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Anirudh Devgan sold 1,523 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $176.34, for a total transaction of $268,565.82. Following the sale, the chief executive officer now directly owns 180,859 shares of the company’s stock, valued at approximately $31,892,676.06. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $176.34, for a total transaction of $212,842.38. Following the completion of the transaction, the vice president now directly owns 91,077 shares in the company, valued at $16,060,518.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 240,480 shares of company stock valued at $38,877,986. Company insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CDNS. San Luis Wealth Advisors LLC purchased a new position in Cadence Design Systems in the 1st quarter worth approximately $28,000. SeaCrest Wealth Management LLC purchased a new position in Cadence Design Systems in the 2nd quarter worth approximately $29,000. MV Capital Management Inc. lifted its stake in Cadence Design Systems by 74.1% in the 1st quarter. MV Capital Management Inc. now owns 188 shares of the software maker’s stock worth $31,000 after purchasing an additional 80 shares in the last quarter. American National Bank purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $33,000. Finally, Private Trust Co. NA purchased a new position in Cadence Design Systems in the 2nd quarter worth approximately $35,000. 84.02% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 1.4 %

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

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

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.

Featured Stories

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.