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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $332.78.

Several brokerages recently commented on CDNS. Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. KeyCorp upped their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday. Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd.

Cadence Design Systems Trading Down 0.1 %

Shares of CDNS stock opened at $307.75 on Friday. The stock has a market cap of $83.84 billion, a price-to-earnings ratio of 80.14, a PEG ratio of 3.79 and a beta of 1.04. The stock has a 50-day moving average of $294.50 and a 200-day moving average of $293.70. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a 1-year low of $217.77 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The business’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities research analysts forecast that Cadence Design Systems will post 4.77 earnings per share for the current year.

Insider Activity

In other news, SVP Karna Nisewaner sold 600 shares of the firm’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 transaction, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $28,379,109.60. The disclosure for this sale can be found here. Insiders have sold 41,134 shares of company stock worth $12,232,169 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Large investors have recently bought and sold shares of the company. Ulland Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter valued at $25,000. Valley National Advisers Inc. grew its position 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 purchasing an additional 47 shares in the last quarter. RiverPark Advisors LLC purchased a new position in shares of Cadence Design Systems in the first quarter valued at $26,000. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at $28,000. Finally, Annapolis Financial Services LLC bought a new stake in Cadence Design Systems during the first quarter valued at $32,000. 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.