Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $379.59 Consensus Price Target from Brokerages

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been assigned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $379.5882.

A number of research firms have recently issued reports on CDNS. Needham & Company LLC restated a “buy” rating and issued a $390.00 price target on shares of Cadence Design Systems in a research report on Monday, December 22nd. Rosenblatt Securities upped their target price on Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th. Robert W. Baird boosted their price objective on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research report on Tuesday, October 28th. Finally, Oppenheimer raised Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price on the stock in a research report on Monday, December 1st.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $299.46 on Thursday. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $81.51 billion, a price-to-earnings ratio of 77.18, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $376.45. The business has a 50 day simple moving average of $311.67 and a 200-day simple moving average of $330.15.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $340.00, for a total value of $6,800,000.00. Following the completion of the transaction, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at $66,586,960. This represents a 9.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 27,805 shares of Cadence Design Systems stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $318.57, for a total transaction of $8,857,838.85. Following the sale, the chief financial officer owned 69,957 shares in the company, valued at approximately $22,286,201.49. This represents a 28.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 56,475 shares of company stock worth $18,505,486 in the last quarter. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC raised its position in Cadence Design Systems by 80.2% in the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock worth $456,000 after acquiring an additional 676 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Cadence Design Systems by 3.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock worth $560,000 after purchasing an additional 80 shares in the last quarter. Blair William & Co. IL lifted its stake in Cadence Design Systems by 12.6% during the second quarter. Blair William & Co. IL now owns 4,512 shares of the software maker’s stock valued at $1,390,000 after purchasing an additional 506 shares during the last quarter. Blue Trust Inc. boosted its holdings in Cadence Design Systems by 39.0% during the second quarter. Blue Trust Inc. now owns 638 shares of the software maker’s stock worth $197,000 after buying an additional 179 shares in the last quarter. Finally, Concurrent Investment Advisors LLC grew its position in Cadence Design Systems by 26.1% in the second quarter. Concurrent Investment Advisors LLC now owns 1,408 shares of the software maker’s stock worth $434,000 after buying an additional 291 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.