Brokerages Set Cadence Design Systems, Inc. (NASDAQ:CDNS) Price Target at $327.92

Cadence Design Systems, Inc. (NASDAQ:CDNS) has received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $327.92.

Several research firms have weighed in on CDNS. Needham & Company LLC cut their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Finally, Wells Fargo & Company started coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price on the stock.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $301.24 on Friday. Cadence Design Systems has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The stock has a market capitalization of $82.62 billion, a price-to-earnings ratio of 79.07, a PEG ratio of 4.19 and a beta of 1.03. The firm has a fifty day moving average of $292.03 and a two-hundred day moving average of $286.03.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share 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 analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 earnings per share. As a group, equities research analysts predict that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,870 shares of company stock worth $3,263,210. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in Cadence Design Systems by 280.1% in the 2nd quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after purchasing an additional 1,119,824 shares during the period. Van ECK Associates Corp boosted its position in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after acquiring an additional 572,251 shares during the period. Meridiem Investment Management Ltd. acquired a new position in shares of Cadence Design Systems in the third quarter valued at about $129,285,000. Sumitomo Mitsui Trust Group Inc. increased its position in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock worth $258,136,000 after acquiring an additional 310,250 shares during the period. Finally, Marshall Wace LLP raised its stake in Cadence Design Systems by 153.4% in the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock worth $144,953,000 after purchasing an additional 285,130 shares in the last quarter. Institutional investors and hedge funds 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.