Analysts Set Cadence Design Systems, Inc. (NASDAQ:CDNS) Price Target at $327.92

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given an average rating of “Moderate Buy” by the thirteen ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $327.92.

CDNS has been the topic of a number of research reports. Mizuho boosted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. 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 report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Finally, Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $299.00 on Wednesday. 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 has a twelve month low of $241.29 and a twelve month high of $328.99. The business has a 50-day moving average price of $304.20 and a 200-day moving average price of $285.76. The firm has a market cap of $82.00 billion, a price-to-earnings ratio of 78.48, a price-to-earnings-growth ratio of 4.16 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the business earned $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities research analysts predict that Cadence Design Systems will post 4.75 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,916 shares of company stock valued at $33,953,757. 1.99% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Large investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. raised its position in Cadence Design Systems by 48.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after buying an additional 310,250 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Cadence Design Systems in the third quarter worth $24,026,000. Teamwork Financial Advisors LLC lifted its position in Cadence Design Systems by 19.4% during the third quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after purchasing an additional 2,136 shares during the period. Jennison Associates LLC lifted its position in Cadence Design Systems by 2.7% during the third quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after purchasing an additional 198,230 shares during the period. Finally, Vontobel Holding Ltd. boosted its holdings in Cadence Design Systems by 5.3% in the third quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock valued at $61,957,000 after purchasing an additional 11,568 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.