Analysts Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $324.83

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and ten have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $324.83.

Several analysts recently issued reports on the company. Loop Capital dropped their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Rosenblatt Securities upped their price target on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Mizuho upped their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Oppenheimer reduced their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research note on Wednesday, March 19th.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,021 shares of company stock worth $31,229,155. 1.99% of the stock is currently owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors have recently modified their holdings of the business. Park Square Financial Group LLC bought a new stake in Cadence Design Systems during the fourth quarter valued at $348,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $75,205,000. Armis Advisers LLC purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $635,000. Integrated Advisors Network LLC boosted its holdings in Cadence Design Systems by 156.9% during the 4th quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker’s stock valued at $1,023,000 after acquiring an additional 2,080 shares during the period. Finally, Great Valley Advisor Group Inc. grew its holdings in shares of Cadence Design Systems by 3.0% in the fourth quarter. Great Valley Advisor Group Inc. now owns 32,694 shares of the software maker’s stock worth $9,823,000 after purchasing an additional 941 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Down 2.2 %

CDNS opened at $256.69 on Monday. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $70.36 billion, a P/E ratio of 66.50, a P/E/G ratio of 3.88 and a beta of 1.05. Cadence Design Systems has a 12 month low of $230.09 and a 12 month high of $328.99. The firm’s fifty day simple moving average is $274.55 and its 200 day simple moving average is $284.19.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. As a group, research analysts anticipate that Cadence Design Systems will post 5.41 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.