Brokerages Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $320.67

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have earned a consensus rating of “Moderate Buy” from the twelve research firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and ten have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $320.67.

Several equities research analysts have recently issued reports on the stock. Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Oppenheimer lowered their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. Finally, Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 1,950 shares of company stock worth $518,499 in the last 90 days. 0.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Cadence Design Systems during the fourth quarter worth about $1,170,209,000. GAMMA Investing LLC grew its position in Cadence Design Systems by 31,049.1% during the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after buying an additional 1,214,330 shares during the period. Schroder Investment Management Group grew its position in shares of Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after acquiring an additional 716,041 shares during the period. FMR LLC raised its holdings in Cadence Design Systems by 8.7% in the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after purchasing an additional 639,146 shares during the period. Finally, Alliancebernstein L.P. increased its position in shares of Cadence Design Systems by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker’s stock valued at $1,705,469,000 after buying an additional 632,175 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 0.4 %

Shares of CDNS stock opened at $260.22 on Friday. The stock has a market capitalization of $71.38 billion, a P/E ratio of 67.41, a P/E/G ratio of 3.88 and a beta of 1.14. 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 firm’s 50 day moving average is $257.23 and its 200 day moving average is $282.25. Cadence Design Systems has a 12-month low of $221.56 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current year.

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.