Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $334.56 Average Price Target from Analysts

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been assigned an average rating of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $334.56.

CDNS has been the subject of a number of analyst reports. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Finally, StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd.

Cadence Design Systems Price Performance

CDNS opened at $281.00 on Friday. The company has a 50 day moving average of $292.63 and a two-hundred day moving average of $296.03. Cadence Design Systems has a 52-week low of $217.77 and a 52-week high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The company has a market cap of $76.55 billion, a P/E ratio of 73.18, a P/E/G ratio of 3.14 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.94 EPS. On average, analysts expect that Cadence Design Systems will post 4.74 earnings per share for the current year.

Insider Activity 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, June 3rd. The stock was sold at an average price of $287.31, for a total transaction of $172,386.00. Following the transaction, the senior vice president now owns 19,880 shares of the company’s stock, valued at approximately $5,711,722.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the sale, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the completion of the transaction, the senior vice president now directly owns 19,880 shares of the company’s stock, valued at $5,711,722.80. The disclosure for this sale can be found here. Insiders sold a total of 47,684 shares of company stock valued at $14,288,863 over the last three months. 1.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Large investors have recently bought and sold shares of the business. Parkside Financial Bank & Trust lifted its holdings in shares of Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after purchasing an additional 38 shares during the last quarter. Fiduciary Trust Co lifted its stake in Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after buying an additional 39 shares during the last quarter. Capital Market Strategies LLC boosted its holdings in shares of Cadence Design Systems by 3.1% during the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after acquiring an additional 39 shares during the period. GraniteShares Advisors LLC grew its position in shares of Cadence Design Systems by 1.2% during the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after acquiring an additional 40 shares during the last quarter. Finally, Inspire Advisors LLC increased its holdings in shares of Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock worth $694,000 after acquiring an additional 40 shares during the period. Institutional investors 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.