Cadence Design Systems, Inc. (NASDAQ:CDNS) Given Average Rating of “Moderate Buy” by Brokerages

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Free Report) has received a consensus rating of “Moderate Buy” from the seventeen analysts that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $379.5882.

CDNS has been the topic of a number of research reports. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $320.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Oppenheimer upgraded Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 price target for the company in a research report on Monday, December 1st. Wolfe Research restated an “outperform” rating and issued a $385.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. KeyCorp reaffirmed an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th.

Read Our Latest Analysis on Cadence Design Systems

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $299.65 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.84 and a current ratio of 3.05. The firm has a market cap of $81.56 billion, a PE ratio of 77.23, a PEG ratio of 3.33 and a beta of 1.01. Cadence Design Systems has a one year low of $221.56 and a one year high of $376.45. The firm has a fifty day moving average of $313.41 and a 200 day moving average of $330.94.

Key Cadence Design Systems News

Here are the key news stories impacting Cadence Design Systems this week:

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total value of $1,863,470.70. Following the completion of the sale, the vice president directly owned 20,321 shares in the company, valued at $6,897,557.03. This represents a 21.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $295.09, for a total value of $295,090.00. Following the transaction, the vice president owned 95,137 shares in the company, valued at approximately $28,073,977.33. This represents a 1.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 56,475 shares of company stock worth $18,505,486. 1.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $1,352,922,000. Massachusetts Financial Services Co. MA raised its position in shares of Cadence Design Systems by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after buying an additional 731,788 shares during the period. Voya Investment Management LLC lifted its holdings in Cadence Design Systems by 914.2% in the third quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock valued at $242,746,000 after acquiring an additional 622,934 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Cadence Design Systems by 120.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,124,417 shares of the software maker’s stock worth $351,470,000 after acquiring an additional 615,440 shares during the period. Finally, Scge Management L.P. acquired a new stake in Cadence Design Systems during the second quarter worth $187,663,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

(Get Free Report)

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.

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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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