Shares of Cadence Design Systems Inc (NASDAQ:CDNS) have received an average recommendation of “Buy” from the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $44.50.

Several research analysts have weighed in on the stock. DA Davidson upped their target price on shares of Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, November 1st. Royal Bank of Canada upped their target price on shares of Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th.

Cadence Design Systems (CDNS) opened at $43.21 on Thursday. The stock has a market cap of $12,356.07, a PE ratio of 47.05, a P/E/G ratio of 3.45 and a beta of 0.93. Cadence Design Systems has a 1-year low of $25.18 and a 1-year high of $45.64. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. During the same period in the prior year, the business posted $0.30 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. analysts predict that Cadence Design Systems will post 1.06 EPS for the current fiscal year.

In other news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $41.97, for a total value of $4,197,000.00. Following the sale, the chief executive officer now directly owns 445,833 shares in the company, valued at $18,711,611.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Wall sold 750 shares of the stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $40.68, for a total transaction of $30,510.00. The disclosure for this sale can be found here. Insiders have sold 330,974 shares of company stock worth $14,264,010 over the last 90 days. 2.55% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Caxton Associates LP grew its position in shares of Cadence Design Systems by 0.6% in the second quarter. Caxton Associates LP now owns 15,900 shares of the software maker’s stock valued at $532,000 after purchasing an additional 100 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Cadence Design Systems by 6.4% in the second quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock valued at $338,000 after purchasing an additional 612 shares during the last quarter. ETRADE Capital Management LLC grew its position in shares of Cadence Design Systems by 5.0% in the second quarter. ETRADE Capital Management LLC now owns 18,909 shares of the software maker’s stock valued at $633,000 after purchasing an additional 899 shares during the last quarter. American Century Companies Inc. grew its position in shares of Cadence Design Systems by 0.5% in the second quarter. American Century Companies Inc. now owns 205,439 shares of the software maker’s stock valued at $6,880,000 after purchasing an additional 1,108 shares during the last quarter. Finally, Commonwealth Bank of Australia grew its position in shares of Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 84.63% of the company’s stock.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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