Cadence Design Systems Inc (NASDAQ:CDNS) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Cadence Design Systems Inc (NASDAQ:CDNS) have been assigned a consensus recommendation of “Buy” from the fourteen brokerages that are currently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $100.17.

Several equities research analysts have issued reports on CDNS shares. Credit Suisse Group reiterated a “hold” rating and set a $80.00 target price on shares of Cadence Design Systems in a research report on Friday, July 17th. Cfra restated a “buy” rating and set a $89.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 24th. Royal Bank of Canada upped their target price on shares of Cadence Design Systems from $101.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 21st. Robert W. Baird lifted their price target on Cadence Design Systems from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 21st. Finally, Needham & Company LLC increased their price objective on Cadence Design Systems from $86.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st.

Shares of CDNS stock opened at $109.25 on Tuesday. The company has a market capitalization of $30.46 billion, a PE ratio of 30.10, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. Cadence Design Systems has a 52-week low of $51.39 and a 52-week high of $109.26. The business’s fifty day moving average is $97.52 and its 200 day moving average is $80.44. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.39 and a current ratio of 1.42.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 20th. The software maker reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The business had revenue of $638.42 million for the quarter, compared to analyst estimates of $591.09 million. Cadence Design Systems had a return on equity of 50.84% and a net margin of 41.74%. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 EPS. On average, sell-side analysts forecast that Cadence Design Systems will post 1.88 EPS for the current fiscal year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.80, for a total value of $4,490,000.00. Following the sale, the chief executive officer now owns 802,128 shares of the company’s stock, valued at approximately $72,031,094.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John M. Wall sold 15,000 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $104.26, for a total transaction of $1,563,900.00. Following the completion of the transaction, the chief financial officer now owns 185,946 shares in the company, valued at approximately $19,386,729.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 328,782 shares of company stock worth $31,601,081. 2.58% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Ballast Advisors LLC purchased a new position in Cadence Design Systems during the 1st quarter valued at about $28,000. Allworth Financial LP bought a new stake in shares of Cadence Design Systems in the 2nd quarter worth approximately $29,000. FDx Advisors Inc. purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $31,000. Shine Investment Advisory Services Inc. raised its holdings in shares of Cadence Design Systems by 31.1% during the first quarter. Shine Investment Advisory Services Inc. now owns 544 shares of the software maker’s stock valued at $36,000 after acquiring an additional 129 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in Cadence Design Systems in the second quarter worth $38,000. Institutional investors own 87.00% of the company’s stock.

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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