Cadence Design Systems, Inc. (NASDAQ:CDNS) Receives $380.72 Average Target Price from Brokerages

Cadence Design Systems, Inc. (NASDAQ:CDNS) has received an average rating of “Moderate Buy” from the eighteen research firms that are presently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and fourteen have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $380.7222.

Several research firms recently weighed in on CDNS. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Needham & Company LLC reiterated a “buy” rating and set a $390.00 price target on shares of Cadence Design Systems in a research report on Monday, December 22nd. Citigroup assumed coverage on shares of Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cadence Design Systems in a research report on Monday, December 29th. Finally, Rosenblatt Securities increased their target price on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 28th.

Cadence Design Systems Trading Down 3.3%

Shares of CDNS opened at $307.00 on Friday. The stock has a market capitalization of $83.57 billion, a P/E ratio of 79.12, a PEG ratio of 3.54 and a beta of 1.02. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $376.45. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The firm has a fifty day simple moving average of $317.11 and a two-hundred day simple moving average of $333.51.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating the consensus estimate of $1.79 by $0.14. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.64 earnings per share. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. On average, research analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total transaction of $60,746.40. Following the sale, the director owned 7,650 shares in the company, valued at approximately $2,581,722. The trade was a 2.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the transaction, the chief executive officer owned 195,844 shares of the company’s stock, valued at approximately $66,586,960. The trade was a 9.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 62,025 shares of company stock valued at $20,369,946. Company insiders own 0.37% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of hedge funds have recently made changes to their positions in CDNS. Brighton Jones LLC raised its stake in Cadence Design Systems by 80.2% during the fourth quarter. Brighton Jones LLC now owns 1,519 shares of the software maker’s stock valued at $456,000 after buying an additional 676 shares during the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of Cadence Design Systems by 3.8% during the first quarter. Integrated Wealth Concepts LLC now owns 2,203 shares of the software maker’s stock valued at $560,000 after acquiring an additional 80 shares in the last quarter. Fulton Bank N.A. raised its position in shares of Cadence Design Systems by 9.1% in the 2nd quarter. Fulton Bank N.A. now owns 1,124 shares of the software maker’s stock worth $346,000 after purchasing an additional 94 shares during the last quarter. Trust Point Inc. boosted its stake in Cadence Design Systems by 4.3% in the 2nd quarter. Trust Point Inc. now owns 1,065 shares of the software maker’s stock worth $328,000 after purchasing an additional 44 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Cadence Design Systems by 466.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker’s stock valued at $242,468,000 after purchasing an additional 647,931 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

About Cadence Design Systems

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.