Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $325.23 Average Price Target from Analysts

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given an average rating of “Moderate Buy” by the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eleven have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $325.23.

Several equities research analysts have issued reports on CDNS shares. Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the company an “overweight” rating in a research report on Friday, May 16th. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a research report on Tuesday, April 29th. Bank of America upped their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Robert W. Baird increased their target price on Cadence Design Systems from $293.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Finally, KeyCorp lifted their price target on Cadence Design Systems from $355.00 to $375.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total value of $54,720.00. Following the completion of the transaction, the director directly owned 8,010 shares in the company, valued at $2,435,040. This trade represents a 2.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,975 shares of company stock worth $6,114,587 in the last 90 days. 1.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter valued at about $348,000. Citizens Financial Group Inc. RI grew its stake in shares of Cadence Design Systems by 80.6% in the fourth quarter. Citizens Financial Group Inc. RI now owns 8,058 shares of the software maker’s stock worth $2,421,000 after purchasing an additional 3,595 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cadence Design Systems by 4.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 209,463 shares of the software maker’s stock valued at $62,935,000 after purchasing an additional 8,570 shares during the period. Royal London Asset Management Ltd. raised its position in Cadence Design Systems by 5.2% during the 4th quarter. Royal London Asset Management Ltd. now owns 155,873 shares of the software maker’s stock valued at $46,834,000 after purchasing an additional 7,766 shares during the last quarter. Finally, Jensen Investment Management Inc. purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $126,571,000. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Up 5.6%

Cadence Design Systems stock opened at $328.49 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. Cadence Design Systems has a fifty-two week low of $221.56 and a fifty-two week high of $330.09. The stock has a market cap of $89.69 billion, a P/E ratio of 83.16, a PEG ratio of 4.53 and a beta of 0.99. The firm’s fifty day moving average price is $305.50 and its 200-day moving average price is $286.91.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.17 EPS. Equities research analysts forecast that Cadence Design Systems will post 5.41 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.