Shares of Cadence Design Systems Inc (NASDAQ:CDNS) have been given an average recommendation of “Buy” by the eight brokerages that are covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $43.33.

Several research firms recently issued reports on CDNS. DA Davidson raised their target price on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Wednesday, November 1st. Royal Bank of Canada raised their target price on Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th.

Cadence Design Systems (CDNS) opened at $45.07 on Monday. The company has a market capitalization of $12,725.96, a PE ratio of 48.46, a PEG ratio of 3.69 and a beta of 0.94. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a twelve month low of $25.42 and a twelve month high of $45.64.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. Cadence Design Systems’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. research analysts expect that Cadence Design Systems will post 1.06 EPS for the current year.

In related news, Director John B. Shoven sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $45.00, for a total value of $2,250,000.00. Following the completion of the transaction, the director now directly owns 196,189 shares in the company, valued at approximately $8,828,505. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Aneel Zaman sold 32,255 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $44.32, for a total transaction of $1,429,541.60. Following the completion of the transaction, the vice president now owns 217,497 shares of the company’s stock, valued at $9,639,467.04. The disclosure for this sale can be found here. Insiders have sold 280,974 shares of company stock valued at $12,319,462 over the last quarter. Company insiders own 2.55% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Nisa Investment Advisors LLC raised its stake in Cadence Design Systems by 4.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 87,222 shares of the software maker’s stock valued at $3,648,000 after buying an additional 3,609 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in Cadence Design Systems during the 4th quarter valued at $611,000. Parametric Portfolio Associates LLC raised its stake in Cadence Design Systems by 4.1% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 706,097 shares of the software maker’s stock valued at $27,870,000 after buying an additional 27,800 shares during the last quarter. AXA raised its stake in Cadence Design Systems by 15.9% during the 3rd quarter. AXA now owns 1,687,367 shares of the software maker’s stock valued at $66,600,000 after buying an additional 231,832 shares during the last quarter. Finally, New Mexico Educational Retirement Board purchased a new stake in Cadence Design Systems during the 3rd quarter valued at $1,022,000. Institutional investors own 84.77% of the company’s stock.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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