Analysts Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $379.59

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

A number of equities research analysts have recently weighed in on the stock. Oppenheimer raised shares of 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 note on Monday, December 1st. Wolfe Research reiterated an “outperform” rating and set a $385.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Wells Fargo & Company increased their target price on Cadence Design Systems from $405.00 to $410.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Citigroup assumed coverage on Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $390.00 price objective on shares of Cadence Design Systems in a report on Monday, December 22nd.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $299.46 on Thursday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The firm’s fifty day simple moving average is $310.91 and its 200 day simple moving average is $329.41. The stock has a market cap of $81.51 billion, a P/E 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.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 20,000 shares of the business’s 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 sale, the chief executive officer directly owned 195,844 shares of the company’s stock, valued at $66,586,960. The trade was a 9.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $295.09, for a total value of $295,090.00. Following the completion of the sale, the vice president owned 95,137 shares in the company, valued at $28,073,977.33. The trade was a 1.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 56,475 shares of company stock worth $18,505,486 over the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Cadence Design Systems in the 4th quarter worth about $1,352,922,000. Massachusetts Financial Services Co. MA raised its holdings in Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock worth $1,866,739,000 after buying an additional 731,788 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of Cadence Design Systems by 914.2% in the third quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock worth $242,746,000 after buying an additional 622,934 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Cadence Design Systems by 120.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,124,417 shares of the software maker’s stock valued at $351,470,000 after buying an additional 615,440 shares during the last quarter. Finally, Scge Management L.P. purchased a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $187,663,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Company Profile

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.