Analysts Set Cadence Design Systems, Inc. (NASDAQ:CDNS) PT at $329.50

Cadence Design Systems, Inc. (NASDAQ:CDNS) has been given a consensus rating of “Moderate Buy” by the fourteen research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and twelve have issued a buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $329.50.

A number of equities research analysts have recently weighed in on CDNS shares. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 4,224 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the sale, the chief financial officer now owns 29,248 shares in the company, valued at $9,038,509.44. The trade was a 12.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,416 shares of company stock worth $33,538,875. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Missouri Trust & Investment Co purchased a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $27,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Cadence Design Systems in the 3rd quarter worth approximately $28,000. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth approximately $28,000. Versant Capital Management Inc boosted its stake in Cadence Design Systems by 164.2% during the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after purchasing an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC boosted its stake in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 0.1 %

NASDAQ CDNS opened at $302.91 on Friday. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average of $304.77 and a 200-day moving average of $284.80. The firm has a market cap of $83.08 billion, a PE ratio of 79.50, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03.

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.