Brokerages Set Cadence Design Systems, Inc. (NASDAQ:CDNS) Price Target at $323.60

by · The Markets Daily

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report) have earned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eight have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $323.60.

Several equities analysts have issued reports on CDNS shares. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, August 6th. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Robert W. Baird dropped their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd.

Read Our Latest Analysis on Cadence Design Systems

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Karna Nisewaner sold 1,213 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the transaction, the senior vice president now owns 17,617 shares of the company’s stock, valued at $4,923,775.33. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,322 shares of company stock worth $7,768,048 over the last three months. 1.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently bought and sold shares of CDNS. Gilbert & Cook Inc. grew its position in shares of Cadence Design Systems by 8.3% during the 4th quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock valued at $986,000 after acquiring an additional 278 shares during the period. Stifel Financial Corp grew its holdings in Cadence Design Systems by 17.9% in the fourth quarter. Stifel Financial Corp now owns 80,306 shares of the software maker’s stock valued at $21,873,000 after purchasing an additional 12,194 shares during the period. California State Teachers Retirement System increased its position in shares of Cadence Design Systems by 0.9% in the fourth quarter. California State Teachers Retirement System now owns 434,760 shares of the software maker’s stock valued at $118,416,000 after buying an additional 3,873 shares in the last quarter. APG Asset Management US Inc. acquired a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $14,837,000. Finally, Campbell & CO Investment Adviser LLC lifted its position in shares of Cadence Design Systems by 56.6% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock valued at $1,116,000 after buying an additional 1,481 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.1 %

NASDAQ:CDNS opened at $268.65 on Monday. The firm has a 50-day simple moving average of $267.08 and a 200-day simple moving average of $287.52. Cadence Design Systems has a one year low of $228.66 and a one year high of $328.99. The firm has a market cap of $73.19 billion, a P/E ratio of 69.96, a P/E/G ratio of 3.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. Equities analysts anticipate that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Cadence Design Systems Company Profile

(Get Free Report

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.

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