Cadence Design Systems Inc (CDNS) Receives $54.88 Average Price Target from Brokerages

Shares of Cadence Design Systems Inc (NASDAQ:CDNS) have earned a consensus recommendation of “Buy” from the eleven analysts that are currently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $54.88.

Several research firms have recently commented on CDNS. KeyCorp began coverage on shares of Cadence Design Systems in a research report on Wednesday, April 10th. They set a “sector weight” rating for the company. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Wednesday, February 13th. ValuEngine upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. BidaskClub upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, February 5th. Finally, Needham & Company LLC upped their price target on shares of Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th.

CDNS stock traded down $0.73 during trading on Wednesday, hitting $63.97. 1,641,237 shares of the company’s stock traded hands, compared to its average volume of 1,908,732. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.34 and a quick ratio of 1.30. Cadence Design Systems has a 52 week low of $36.65 and a 52 week high of $65.64. The firm has a market cap of $18.19 billion, a price-to-earnings ratio of 52.01, a PEG ratio of 3.87 and a beta of 1.11.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. The firm had revenue of $569.90 million during the quarter, compared to analyst estimates of $550.22 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, analysts expect that Cadence Design Systems will post 1.4 EPS for the current fiscal year.

In other Cadence Design Systems news, VP Surendra Babu Mandava sold 3,306 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $58.46, for a total value of $193,268.76. Following the completion of the transaction, the vice president now directly owns 232,518 shares in the company, valued at $13,593,002.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Chin-Chi Teng sold 5,084 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $57.92, for a total transaction of $294,465.28. Following the completion of the transaction, the insider now owns 106,363 shares of the company’s stock, valued at $6,160,544.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 352,227 shares of company stock valued at $19,382,862. Insiders own 2.34% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Oregon Public Employees Retirement Fund boosted its holdings in shares of Cadence Design Systems by 3,809.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,691,151 shares of the software maker’s stock worth $62,000 after buying an additional 2,622,317 shares during the period. Parnassus Investments CA lifted its position in shares of Cadence Design Systems by 13.4% in the fourth quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock worth $625,770,000 after purchasing an additional 1,697,043 shares in the last quarter. Man Group plc lifted its position in shares of Cadence Design Systems by 136.0% in the third quarter. Man Group plc now owns 2,630,238 shares of the software maker’s stock worth $119,202,000 after purchasing an additional 1,515,633 shares in the last quarter. Norges Bank purchased a new stake in shares of Cadence Design Systems in the fourth quarter worth approximately $61,212,000. Finally, Millennium Management LLC lifted its position in shares of Cadence Design Systems by 79.8% in the fourth quarter. Millennium Management LLC now owns 2,695,739 shares of the software maker’s stock worth $117,211,000 after purchasing an additional 1,196,155 shares in the last quarter. Institutional investors own 87.65% of the company’s stock.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Further Reading: Strangles

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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