Brokerages Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $326.11

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given an average rating of “Moderate Buy” by the nine brokerages that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $326.11.

Several research analysts have commented on the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird boosted their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Finally, KeyCorp raised their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at $7,229,914.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 174,566 shares of company stock worth $52,649,105 in the last 90 days. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new position in Cadence Design Systems in the fourth quarter worth about $1,141,059,000. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 124.8% in the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP grew its position in Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the period. Jennison Associates LLC increased its holdings in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after buying an additional 564,085 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Cadence Design Systems by 58.1% during the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after buying an additional 468,195 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Stock Up 1.9 %

NASDAQ CDNS opened at $281.63 on Friday. 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 $198.92 and a 1-year high of $327.36. The company has a 50 day moving average of $302.02 and a 200-day moving average of $282.59. The company has a market cap of $76.64 billion, a price-to-earnings ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating 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 the consensus estimate of $1 billion. During the same quarter last year, the business posted $1.02 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts expect that Cadence Design Systems will post 4.78 earnings per share 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.