Brokerages Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $326.00

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have earned a consensus rating of “Moderate Buy” from the thirteen brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $326.00.

Several equities research analysts recently weighed in on CDNS shares. Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Mizuho started coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th.

Cadence Design Systems Price Performance

CDNS opened at $312.39 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99. The stock has a market capitalization of $85.68 billion, a PE ratio of 81.99, a price-to-earnings-growth ratio of 4.23 and a beta of 1.02. The stock’s 50 day moving average price is $279.36 and its 200-day moving average price is $283.82.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.01 earnings per share. On average, equities research analysts predict that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $413,970.00. Following the transaction, the director now owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 over the last ninety days. 1.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNS. Missouri Trust & Investment Co purchased a new stake in Cadence Design Systems in the third quarter worth about $27,000. ORG Partners LLC increased its position in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Cadence Design Systems in the third quarter worth about $28,000. Prestige Wealth Management Group LLC increased its position in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares in the last quarter. Finally, Chilton Capital Management LLC increased its position in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

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.