Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have received a consensus recommendation of “Buy” from the twelve brokerages that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and nine 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 $111.45.
Several analysts have recently commented on the company. Bank of America lowered Cadence Design Systems from a “buy” rating to an “underperform” rating in a report on Monday, January 11th. Needham & Company LLC increased their price objective on Cadence Design Systems from $115.00 to $126.00 and gave the company a “buy” rating in a report on Tuesday, October 20th. DA Davidson raised their target price on Cadence Design Systems from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, October 20th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $122.00 to $145.00 in a research note on Wednesday, December 9th. Finally, Royal Bank of Canada raised their target price on Cadence Design Systems from $122.00 to $127.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 20th.
Shares of CDNS opened at $138.62 on Tuesday. Cadence Design Systems has a 12 month low of $51.39 and a 12 month high of $142.11. The stock has a fifty day moving average price of $130.03 and a 200-day moving average price of $113.95. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. The firm has a market cap of $38.67 billion, a PE ratio of 36.01, a P/E/G ratio of 4.64 and a beta of 1.05.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 19th. The software maker reported $0.70 EPS for the quarter, beating the consensus estimate of $0.61 by $0.09. Cadence Design Systems had a return on equity of 48.31% and a net margin of 42.68%. The firm had revenue of $667.00 million during the quarter, compared to analyst estimates of $642.29 million. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems will post 2.02 EPS for the current year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the stock in a transaction dated Monday, November 16th. The stock was sold at an average price of $114.84, for a total transaction of $5,742,000.00. Following the sale, the chief executive officer now directly owns 781,709 shares of the company’s stock, valued at approximately $89,771,461.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anirudh Devgan sold 3,782 shares of the stock in a transaction dated Tuesday, November 17th. The stock was sold at an average price of $114.04, for a total value of $431,299.28. Following the sale, the president now directly owns 316,766 shares in the company, valued at $36,123,994.64. The disclosure for this sale can be found here. Insiders have sold a total of 148,782 shares of company stock worth $18,542,799 over the last ninety days. 2.58% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at about $28,000. JJJ Advisors Inc. acquired a new stake in Cadence Design Systems in the third quarter valued at approximately $30,000. Newfound Research LLC purchased a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $38,000. CX Institutional increased its position in shares of Cadence Design Systems by 52.1% in the fourth quarter. CX Institutional now owns 365 shares of the software maker’s stock valued at $50,000 after buying an additional 125 shares in the last quarter. Finally, NuWave Investment Management LLC acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $53,000. 83.86% of the stock is currently owned by institutional investors.
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 emulation platform; and Protium, a prototyping platform for chip verification.
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