Cadence Design Systems, Inc. (NASDAQ:CDNS) Given Average Rating of "Moderate Buy" by Brokerages

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) have received a consensus rating of "Moderate Buy" from the thirteen analysts that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $325.23.

Several research analysts recently commented on CDNS shares. Loop Capital reduced their price objective on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research note on Wednesday, February 19th. Oppenheimer dropped their target price on shares of 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. Bank of America boosted their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, April 29th. Mizuho boosted their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $296.95 on Friday. Cadence Design Systems has a 52 week low of $221.56 and a 52 week high of $328.99. The stock has a market capitalization of $81.08 billion, a P/E ratio of 76.93, a PEG ratio of 3.88 and a beta of 0.98. The firm has a fifty day simple moving average of $286.39 and a two-hundred day simple moving average of $287.51. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. The firm had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.17 EPS. On average, analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Paul Scannell sold 4,710 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $300.00, for a total value of $1,413,000.00. Following the sale, the vice president now owns 28,442 shares of the company's stock, valued at $8,532,600. The trade was a 14.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,445 shares of company stock valued at $5,615,733. Corporate insiders own 1.99% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Modern Wealth Management LLC bought a new position in Cadence Design Systems in the 1st quarter worth approximately $220,000. Vista Cima Wealth Management LLC increased its position in Cadence Design Systems by 6.1% in the 1st quarter. Vista Cima Wealth Management LLC now owns 1,815 shares of the software maker's stock worth $462,000 after buying an additional 104 shares during the period. Strs Ohio bought a new position in Cadence Design Systems in the 1st quarter worth approximately $15,508,000. Advisors Capital Management LLC bought a new position in Cadence Design Systems in the 1st quarter worth approximately $219,000. Finally, Acadian Asset Management LLC increased its position in Cadence Design Systems by 172.4% in the 1st quarter. Acadian Asset Management LLC now owns 14,836 shares of the software maker's stock worth $3,772,000 after buying an additional 9,390 shares during the period. 84.85% of the stock is owned by institutional investors.

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.

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