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

Cadence Design Systems, Inc. (NASDAQ:CDNS) has earned an average rating of “Moderate Buy” from the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $326.00.

CDNS has been the topic of several research reports. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target on the stock. Finally, Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th.

Cadence Design Systems Stock Up 1.6 %

CDNS stock opened at $294.33 on Tuesday. The company has a market cap of $80.72 billion, a PE ratio of 77.25, a price-to-earnings-growth ratio of 3.93 and a beta of 1.02. The business has a 50-day simple moving average of $275.32 and a 200 day simple moving average of $283.00. Cadence Design Systems has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the business posted $1.01 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Sell-side analysts anticipate that Cadence Design Systems will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 20.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems during the 3rd quarter worth $27,000. ORG Partners LLC grew its stake in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems during the 3rd quarter worth $28,000. Prestige Wealth Management Group LLC lifted its holdings in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. Finally, Chilton Capital Management LLC lifted its holdings in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after purchasing an additional 122 shares in the last quarter. 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.