Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have earned an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $329.50.

A number of brokerages recently commented on CDNS. Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. 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, October 29th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was 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 in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock worth $33,538,875 over the last ninety days. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Missouri Trust & Investment Co purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems in the 3rd quarter worth about $28,000. Golden State Wealth Management LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Versant Capital Management Inc boosted its holdings in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after purchasing an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC boosted its holdings in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $302.91 on Friday. The business’s fifty day simple moving average is $304.77 and its 200 day simple moving average is $284.80. The firm has a market capitalization of $83.08 billion, a P/E ratio of 79.50, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

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.