Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) have been given a consensus rating of “Buy” by the ten research firms that are covering the firm. Four analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $27.31.

CDNS has been the topic of several recent analyst reports. DA Davidson upgraded Cadence Design Systems from a “neutral” rating to a “buy” rating and increased their target price for the company from $25.00 to $30.00 in a research note on Monday, October 10th. Bank of America Corp. reiterated a “buy” rating and set a $30.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Credit Suisse Group AG initiated coverage on Cadence Design Systems in a research note on Wednesday, October 19th. They set a “neutral” rating and a $25.00 target price on the stock. Finally, RBC Capital Markets reiterated an “outperform” rating and set a $29.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 26th.

Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 25.33 on Monday. Cadence Design Systems has a 1-year low of $18.32 and a 1-year high of $28.00. The company’s 50 day moving average price is $25.45 and its 200-day moving average price is $24.82. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of 30.78 and a beta of 1.00.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 24th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.28 by $0.02. Cadence Design Systems had a return on equity of 23.13% and a net margin of 13.70%. The business had revenue of $446.20 million for the quarter, compared to the consensus estimate of $446.71 million. During the same period last year, the business posted $0.28 EPS. The company’s revenue was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems will post $1.20 earnings per share for the current year.

In related news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Monday, October 17th. The stock was sold at an average price of $25.99, for a total transaction of $2,599,000.00. Following the transaction, the chief executive officer now directly owns 466,665 shares in the company, valued at $12,128,623.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director George Scalise sold 5,000 shares of Cadence Design Systems stock in a transaction on Monday, September 12th. The shares were sold at an average price of $25.27, for a total value of $126,350.00. Following the transaction, the director now owns 38,579 shares in the company, valued at $974,891.33. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in CDNS. Janus Capital Management LLC increased its position in Cadence Design Systems by 2.7% in the second quarter. Janus Capital Management LLC now owns 24,933,485 shares of the company’s stock valued at $605,884,000 after buying an additional 661,125 shares during the period. Vanguard Group Inc. increased its position in Cadence Design Systems by 4.4% in the second quarter. Vanguard Group Inc. now owns 23,490,462 shares of the company’s stock valued at $570,818,000 after buying an additional 983,954 shares during the period. Massachusetts Financial Services Co. MA increased its position in Cadence Design Systems by 1.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 21,992,313 shares of the company’s stock valued at $534,413,000 after buying an additional 262,224 shares during the period. BlackRock Fund Advisors increased its position in Cadence Design Systems by 0.9% in the third quarter. BlackRock Fund Advisors now owns 12,863,617 shares of the company’s stock valued at $328,408,000 after buying an additional 119,186 shares during the period. Finally, State Street Corp increased its position in Cadence Design Systems by 18.7% in the second quarter. State Street Corp now owns 9,325,823 shares of the company’s stock valued at $226,621,000 after buying an additional 1,469,338 shares during the period. Institutional investors own 85.37% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.

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