Cadence Design Systems Inc (NASDAQ:CDNS) has earned an average recommendation of “Hold” from the eleven ratings firms that are currently covering the firm, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $75.75.

Several equities research analysts have recently issued reports on CDNS shares. Credit Suisse Group reaffirmed a “neutral” rating and set a $75.00 price objective (up from $70.00) on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. Bank of America started coverage on shares of Cadence Design Systems in a research report on Monday, September 23rd. They set a “neutral” rating and a $73.00 price objective for the company. Wells Fargo & Co raised shares of Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research report on Friday, October 11th. BidaskClub cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating and set a $74.00 price objective for the company. in a research report on Tuesday, December 24th.

In related news, VP Aneel Zaman sold 44,363 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $69.90, for a total value of $3,100,973.70. Following the completion of the sale, the vice president now directly owns 236,090 shares of the company’s stock, valued at $16,502,691. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $68.83, for a total transaction of $3,441,500.00. Over the last ninety days, insiders have sold 320,736 shares of company stock valued at $22,490,816. Corporate insiders own 2.34% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. Amundi Pioneer Asset Management Inc. lifted its position in Cadence Design Systems by 31.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock valued at $18,610,000 after acquiring an additional 69,373 shares during the last quarter. Keudell Morrison Wealth Management purchased a new stake in Cadence Design Systems in the second quarter valued at $3,226,000. LPL Financial LLC raised its holdings in shares of Cadence Design Systems by 2.8% in the second quarter. LPL Financial LLC now owns 31,472 shares of the software maker’s stock valued at $2,229,000 after buying an additional 868 shares during the last quarter. Natixis Advisors L.P. raised its holdings in shares of Cadence Design Systems by 40.4% in the second quarter. Natixis Advisors L.P. now owns 16,209 shares of the software maker’s stock valued at $1,148,000 after buying an additional 4,663 shares during the last quarter. Finally, Commonwealth Bank of Australia raised its holdings in shares of Cadence Design Systems by 29.7% in the second quarter. Commonwealth Bank of Australia now owns 829 shares of the software maker’s stock valued at $57,000 after buying an additional 190 shares during the last quarter. 85.74% of the stock is owned by hedge funds and other institutional investors.

Shares of Cadence Design Systems stock traded up $0.67 during trading on Friday, hitting $73.73. 1,772,051 shares of the stock were exchanged, compared to its average volume of 1,401,110. The stock has a market cap of $20.19 billion, a price-to-earnings ratio of 59.94, a price-to-earnings-growth ratio of 4.31 and a beta of 1.15. The firm’s 50-day moving average price is $69.73 and its 200 day moving average price is $69.05. Cadence Design Systems has a 12-month low of $45.17 and a 12-month high of $77.08. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. The business had revenue of $579.60 million during the quarter, compared to analysts’ expectations of $576.33 million. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.49 EPS. As a group, research analysts forecast that Cadence Design Systems will post 1.51 earnings per share for the current year.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Featured Article: Why are percentage decliners important?

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.