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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have earned an average rating of “Moderate Buy” from the ten analysts that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eight have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $323.60.

CDNS has been the subject of a number of analyst reports. KeyCorp increased their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Finally, Robert W. Baird reduced their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd.

Insider Buying and Selling at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 1,213 shares of Cadence Design Systems stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $279.49, for a total transaction of $339,021.37. Following the sale, the senior vice president now owns 17,617 shares of the company’s stock, valued at $4,923,775.33. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,322 shares of company stock worth $7,768,048 over the last 90 days. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of large investors have recently modified their holdings of CDNS. HBW Advisory Services LLC raised its position in Cadence Design Systems by 65.0% during the 3rd quarter. HBW Advisory Services LLC now owns 1,799 shares of the software maker’s stock valued at $488,000 after purchasing an additional 709 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of Cadence Design Systems by 2.0% during the third quarter. Park Avenue Securities LLC now owns 19,061 shares of the software maker’s stock valued at $5,166,000 after buying an additional 368 shares during the period. SG Americas Securities LLC raised its holdings in shares of Cadence Design Systems by 17.9% in the third quarter. SG Americas Securities LLC now owns 63,716 shares of the software maker’s stock valued at $17,269,000 after acquiring an additional 9,694 shares in the last quarter. Czech National Bank lifted its stake in Cadence Design Systems by 7.6% in the third quarter. Czech National Bank now owns 55,780 shares of the software maker’s stock worth $15,118,000 after acquiring an additional 3,923 shares during the period. Finally, Centaurus Financial Inc. increased its position in Cadence Design Systems by 25.8% during the 2nd quarter. Centaurus Financial Inc. now owns 1,155 shares of the software maker’s stock valued at $356,000 after purchasing an additional 237 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.1 %

NASDAQ:CDNS opened at $268.65 on Monday. The firm has a market capitalization of $73.19 billion, a P/E ratio of 69.96, a PEG ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems has a one year low of $228.66 and a one year high of $328.99. The company’s 50-day simple moving average is $267.08 and its 200 day simple moving average is $287.89.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the business posted $0.94 EPS. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, analysts forecast that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

About Cadence Design Systems

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.