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Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report) has received an average rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $359.00.
CDNS has been the topic of several analyst reports. Mizuho boosted their price target on shares of Cadence Design Systems from $360.00 to $375.00 and gave the stock an “outperform” rating in a research report on Tuesday. Wall Street Zen cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. JPMorgan Chase & Co. boosted their price target on shares of Cadence Design Systems from $330.00 to $390.00 and gave the stock an “overweight” rating in a research report on Tuesday. KeyCorp boosted their price target on shares of Cadence Design Systems from $358.00 to $405.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $340.00 to $380.00 and gave the stock an “outperform” rating in a research report on Monday.
Get Our Latest Report on Cadence Design Systems
Insider Activity at Cadence Design Systems
In related news, Director James D. Plummer sold 868 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $319.95, for a total value of $277,716.60. Following the transaction, the director owned 23,996 shares in the company, valued at approximately $7,677,520.20. This represents a 3.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the completion of the transaction, the chief executive officer owned 209,548 shares in the company, valued at approximately $64,959,880. This trade represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,085 shares of company stock worth $4,652,087 in the last quarter. Corporate insiders own 0.37% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Smallwood Wealth Investment Management LLC acquired a new position in Cadence Design Systems in the 1st quarter valued at about $25,000. Costello Asset Management INC acquired a new position in Cadence Design Systems in the 1st quarter valued at about $25,000. Barrett & Company Inc. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $31,000. Saudi Central Bank bought a new position in shares of Cadence Design Systems during the first quarter worth approximately $27,000. Finally, Valley National Advisers Inc. increased its holdings in shares of Cadence Design Systems by 707.1% during the first quarter. Valley National Advisers Inc. now owns 113 shares of the software maker’s stock worth $28,000 after purchasing an additional 99 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.
Cadence Design Systems Price Performance
Shares of NASDAQ CDNS opened at $366.26 on Friday. The firm has a market cap of $100.00 billion, a PE ratio of 98.99, a PEG ratio of 4.64 and a beta of 0.99. The company has a current ratio of 3.07, a quick ratio of 2.90 and a debt-to-equity ratio of 0.52. Cadence Design Systems has a 1-year low of $221.56 and a 1-year high of $370.61. The company has a fifty day moving average price of $310.57 and a 200 day moving average price of $289.31.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a net margin of 19.88% and a return on equity of 30.18%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 EPS. Research analysts predict that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.
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.
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