Cadence Design Systems Inc (CDNS) Receives Consensus Recommendation of “Buy” from Brokerages

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Cadence Design Systems Inc (NASDAQ:CDNS) has been assigned an average rating of “Buy” from the eleven research firms that are presently covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $54.88.

A number of equities research analysts recently commented on CDNS shares. KeyCorp started coverage on shares of Cadence Design Systems in a report on Wednesday, April 10th. They set a “sector weight” rating for the company. Needham & Company LLC upped their target price on shares of Cadence Design Systems from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. ValuEngine raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a research report on Friday, February 22nd. Finally, DA Davidson upped their target price on shares of Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th.

Shares of CDNS traded up $0.08 during mid-day trading on Wednesday, reaching $65.06. 1,265,852 shares of the stock traded hands, compared to its average volume of 1,905,327. The firm has a market capitalization of $18.36 billion, a P/E ratio of 52.89, a price-to-earnings-growth ratio of 3.84 and a beta of 1.11. 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 1 year low of $36.65 and a 1 year high of $65.45.

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

In related news, insider Thomas P. Beckley sold 23,208 shares of the stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $48.00, for a total transaction of $1,113,984.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Surendra Babu Mandava sold 3,306 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $58.46, for a total transaction of $193,268.76. Following the sale, the vice president now directly owns 232,518 shares in the company, valued at $13,593,002.28. The disclosure for this sale can be found here. Insiders have sold a total of 352,227 shares of company stock worth $19,382,862 over the last three months. 2.34% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in CDNS. Oregon Public Employees Retirement Fund grew its position in Cadence Design Systems by 3,809.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,691,151 shares of the software maker’s stock valued at $62,000 after purchasing an additional 2,622,317 shares during the last quarter. Parnassus Investments CA lifted its stake in Cadence Design Systems by 13.4% during the 4th quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock valued at $625,770,000 after acquiring an additional 1,697,043 shares during the period. Man Group plc lifted its stake in Cadence Design Systems by 136.0% during the 3rd quarter. Man Group plc now owns 2,630,238 shares of the software maker’s stock valued at $119,202,000 after acquiring an additional 1,515,633 shares during the period. Norges Bank bought a new position in Cadence Design Systems during the 4th quarter valued at about $61,212,000. Finally, Millennium Management LLC lifted its stake in Cadence Design Systems by 79.8% during the 4th quarter. Millennium Management LLC now owns 2,695,739 shares of the software maker’s stock valued at $117,211,000 after acquiring an additional 1,196,155 shares during the period. 87.66% 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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