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

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the thirteen research firms that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $327.92.

CDNS has been the topic of a number of analyst reports. Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a "buy" rating and a $360.00 price objective on the stock. Mizuho increased their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price target for the company. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price objective for the company. Finally, Needham & Company LLC decreased 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 research report on Tuesday, October 29th.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares of the company's stock, valued at approximately $11,928,186.66. This trade represents a 3.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 109,916 shares of company stock worth $33,953,757. Corporate insiders own 0.62% of the company's stock.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Market Strategies LLC increased its stake in Cadence Design Systems by 15.7% during the fourth quarter. Capital Market Strategies LLC now owns 1,545 shares of the software maker's stock valued at $464,000 after purchasing an additional 210 shares during the last quarter. Pensionfund Sabic boosted its holdings in shares of Cadence Design Systems by 22.2% in the 4th quarter. Pensionfund Sabic now owns 5,500 shares of the software maker's stock valued at $1,653,000 after buying an additional 1,000 shares during the period. Nordea Investment Management AB grew its position in shares of Cadence Design Systems by 6.5% during the 4th quarter. Nordea Investment Management AB now owns 2,933,392 shares of the software maker's stock valued at $885,356,000 after buying an additional 178,212 shares during the last quarter. Central Pacific Bank Trust Division raised its stake in Cadence Design Systems by 7.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 4,472 shares of the software maker's stock worth $1,344,000 after acquiring an additional 312 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Cadence Design Systems by 25.4% in the fourth quarter. GAMMA Investing LLC now owns 3,911 shares of the software maker's stock worth $1,175,000 after acquiring an additional 792 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Trading Up 0.4 %

NASDAQ CDNS traded up $1.06 during trading hours on Wednesday, reaching $302.73. The company had a trading volume of 1,116,299 shares, compared to its average volume of 1,262,419. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $83.03 billion, a P/E ratio of 79.46, a price-to-earnings-growth ratio of 4.19 and a beta of 1.04. The stock has a 50-day moving average of $303.08 and a 200 day moving average of $285.59. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping 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 net margin of 23.87% and a return on equity of 28.49%. The business's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 EPS. As a group, research analysts anticipate that Cadence Design Systems will post 4.75 earnings per share for the current fiscal 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.