Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $326.11 Consensus PT from Analysts

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $326.11.

A number of research analysts have recently weighed in on the company. Piper Sandler lowered their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Stifel Nicolaus lifted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Robert W. Baird boosted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 174,566 shares of company stock valued at $52,649,105. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Ulland Investment Advisors LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth about $25,000. OFI Invest Asset Management acquired a new stake in shares of Cadence Design Systems during the third quarter worth approximately $26,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $26,000. Finally, Fortitude Family Office LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Stock Up 1.9 %

CDNS opened at $281.63 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm has a market cap of $76.64 billion, a P/E ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems has a 52 week low of $198.92 and a 52 week high of $327.36. The business’s fifty day simple moving average is $302.02 and its 200 day simple moving average is $282.59.

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

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.