Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $324.83 Consensus PT from Analysts

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $324.83.

CDNS has been the topic of several research analyst reports. Oppenheimer cut their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 19th. Robert W. Baird reduced their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a research note on Thursday, February 20th. Mizuho boosted 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 report on Friday, December 13th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, February 19th.

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Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the sale, the vice president now owns 59,311 shares in the company, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock valued at $31,229,155 over the last ninety days. 1.99% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

A number of hedge funds have recently modified their holdings of CDNS. Park Square Financial Group LLC purchased a new stake in Cadence Design Systems in the 4th quarter worth approximately $348,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Cadence Design Systems during the fourth quarter worth $75,205,000. Armis Advisers LLC acquired a new stake in Cadence Design Systems during the fourth quarter valued at $635,000. Integrated Advisors Network LLC increased its holdings in Cadence Design Systems by 156.9% in the fourth quarter. Integrated Advisors Network LLC now owns 3,406 shares of the software maker's stock valued at $1,023,000 after buying an additional 2,080 shares in the last quarter. Finally, Great Valley Advisor Group Inc. grew its position in shares of Cadence Design Systems by 3.0% during the 4th quarter. Great Valley Advisor Group Inc. now owns 32,694 shares of the software maker's stock valued at $9,823,000 after acquiring an additional 941 shares during the period. Hedge funds and other institutional investors own 84.85% of the company's stock.

Cadence Design Systems Trading Down 0.3 %

CDNS stock traded down $0.87 during mid-day trading on Monday, reaching $262.54. 1,349,658 shares of the stock traded hands, compared to its average volume of 1,807,733. Cadence Design Systems has a one year low of $230.09 and a one year high of $328.99. The stock has a market capitalization of $71.96 billion, a PE ratio of 68.02, a PEG ratio of 3.88 and a beta of 1.05. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The business has a 50-day moving average price of $276.25 and a two-hundred day moving average price of $284.31.

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

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.