Cadence Design Systems, Inc. (NASDAQ: CDNS) Given the consensus recommendation of “Buy” by analysts

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Shares of Cadence Design Systems, Inc. (NASDAQ: CDNS) have received a consensus recommendation to “Buy” by the fourteen brokerages currently hedging the stock, reports Marketbeat Ratings. One investment analyst rated the stock with a sell recommendation, two issued a hold recommendation and eleven issued a buy recommendation on the company. The year-over-year average price target among analysts who issued ratings on the stock in the past year is $ 152.36.

Several stock analysts have published reports on CDNS shares. Wells Fargo & Company set a price target of $ 137.72 on Cadence Design Systems and gave the company a “buy” rating in a research note on Wednesday, July 14. Rosenblatt Securities began covering Cadence Design Systems in a research note on Friday, September 17. They issued a “buy” note and a target price of $ 173.00 on the stock. Robert W. Baird reissued an “outperformance” rating and issued a price target of $ 144.97 (vs. $ 160.00) on shares of Cadence Design Systems in a research note on Tuesday, July 27. Westpark Capital began covering Cadence Design Systems in a research note on Thursday, July 15. They issued a “buy” note and a target price of $ 168.00 on the stock. Finally, KeyCorp increased its price target on Cadence Design Systems from $ 162.00 to $ 166.00 and gave the company an “overweight” rating in a Tuesday July 27th research note.

Cadence Design Systems stock opened at $ 163.55 on Friday. The stock’s 50-day moving average is $ 155.73 and its 200-day moving average is $ 140.71. The company has a leverage ratio of 0.14, a current ratio of 1.57, and a quick ratio of 1.47. The company has a market cap of $ 45.27 billion, a P / E ratio of 67.30, a P / E / G ratio of 5.68 and a beta of 1.03. Cadence Design Systems has a one-year minimum of $ 100.88 and a one-year maximum of $ 168.61.

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Cadence Design Systems (NASDAQ: CDNS) last released its quarterly earnings data on Sunday, July 25. The software maker reported EPS of $ 0.86 for the quarter, beating the consensus estimate of $ 0.76 of $ 0.10 by the Zacks. The company posted revenue of $ 728.29 million for the quarter, compared to analysts’ estimates of $ 715.77 million. Cadence Design Systems recorded a return on equity of 28.93% and a net margin of 23.47%. During the same period of the previous year, the company achieved earnings per share of $ 0.66. Stock analysts predict Cadence Design Systems will post 2.52 earnings per share for the current fiscal year.

Meanwhile, CEO Lip Bu Tan sold 50,000 shares of the company in a transaction on Thursday, July 15. The stock was sold at an average price of $ 137.43, for a total trade of $ 6,871,500.00. The sale was disclosed in a legal file with the SEC, accessible through this link. Additionally, Vice President Aneel Zaman sold 14,003 shares of the company in a trade on Wednesday, August 18. The shares were sold for an average price of $ 148.98, for a total value of $ 2,086,166.94. Disclosure of this sale can be found here. Insiders sold 180,682 shares of the company valued at $ 27,524,364 during the last quarter. 2.31% of the shares are currently held by company insiders.

Several hedge funds and other institutional investors recently changed their holdings to CDNS. Amundi Pioneer Asset Management Inc. increased its position in Cadence Design Systems shares by 31.0% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker valued at $ 18,610,000 after purchasing an additional 69,373 shares in the last quarter. Keybank National Association OH increased its position in shares of Cadence Design Systems by 43.0% during the 1st quarter. Keybank National Association OH now owns 6,395 shares of the software maker valued at $ 876,000 after purchasing an additional 1,924 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Cadence Design Systems by 4.8% during the first quarter. PNC Financial Services Group Inc. now owns 29,083 shares of the software maker valued at $ 3,984,000 after purchasing an additional 1,344 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Cadence Design Systems by 1.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,344 shares of the software maker valued at $ 1,828,000 after buying 206 more shares in the last quarter. Finally, Advisors Asset Management Inc. increased its stake in Cadence Design Systems by 56.2% during the first quarter. Advisors Asset Management Inc. now owns 3,576 shares of the software maker valued at $ 490,000 after purchasing an additional 1,287 shares in the last quarter. 83.23% of the shares are currently held by hedge funds and other institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc. engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IPs and design IPs. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.

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Analyst Recommendations for Cadence Design Systems (NASDAQ: CDNS)

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