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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have received an average rating of “Moderate Buy” from the nine brokerages that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $326.11.

Several equities research analysts recently weighed in on CDNS shares. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Piper Sandler cut their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $276.44 on Friday. The company’s 50 day simple moving average is $302.46 and its 200-day simple moving average is $281.91. The company has a market capitalization of $75.23 billion, a price-to-earnings ratio of 71.99, a price-to-earnings-growth ratio of 3.24 and a beta of 1.06. Cadence Design Systems has a 1 year low of $198.92 and a 1 year high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.02 EPS. As a group, equities research analysts expect that Cadence Design Systems will post 4.78 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 172,966 shares of company stock valued at $52,208,529. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale boosted its holdings in shares of Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after buying an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth $934,000. Pacer Advisors Inc. boosted its stake in Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after purchasing an additional 3,484 shares during the period. Patton Fund Management Inc. acquired a new stake in Cadence Design Systems during the 4th quarter worth $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Cadence Design Systems during the 4th quarter worth $55,443,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

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.