Cadence Design Systems Inc (CDNS) Given Consensus Rating of “Hold” by Analysts

Cadence Design Systems Inc (NASDAQ:CDNS) has earned an average recommendation of “Hold” from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $43.25.

A number of equities analysts have recently commented on CDNS shares. Royal Bank of Canada reiterated a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a report on Friday, October 27th. Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. DA Davidson lifted their target price on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Wednesday, November 1st. Finally, KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th.

Cadence Design Systems (CDNS) opened at $37.00 on Friday. The company has a market capitalization of $10,890.63, a P/E ratio of 50.00, a PEG ratio of 3.77 and a beta of 0.97. The company has a quick ratio of 1.47, a current ratio of 1.53 and a debt-to-equity ratio of 0.65. Cadence Design Systems has a 1-year low of $29.44 and a 1-year high of $46.00.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.39. The firm had revenue of $501.70 million during the quarter, compared to analysts’ expectations of $496.20 million. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.34 EPS. research analysts forecast that Cadence Design Systems will post 0.85 earnings per share for the current year.

In related news, VP Aneel Zaman sold 32,255 shares of the firm’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 sale, the vice president now directly owns 217,497 shares of the company’s stock, valued at approximately $9,639,467.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Friday, December 15th. The shares were sold at an average price of $43.52, for a total value of $4,352,000.00. Following the sale, the chief executive officer now directly owns 533,333 shares of the company’s stock, valued at $23,210,652.16. The disclosure for this sale can be found here. Insiders have sold a total of 289,031 shares of company stock valued at $12,747,759 over the last three months. 2.55% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Sigma Planning Corp raised its position in Cadence Design Systems by 17.1% during the 3rd quarter. Sigma Planning Corp now owns 66,369 shares of the software maker’s stock valued at $2,620,000 after purchasing an additional 9,695 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Cadence Design Systems by 15.4% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 41,301 shares of the software maker’s stock valued at $1,630,000 after purchasing an additional 5,500 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in Cadence Design Systems during the 3rd quarter valued at $432,000. QUANTRES ASSET MANAGEMENT Ltd bought a new stake in Cadence Design Systems during the 4th quarter valued at $611,000. Finally, Graticule Asia Macro Advisors LLC bought a new stake in Cadence Design Systems during the 3rd quarter valued at $8,210,000. 85.00% of the stock is owned by institutional investors and hedge funds.

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About Cadence Design Systems

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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