Cadence Design Systems Inc. (NASDAQ:CDNS) Receives $26.28 Average PT from Analysts
Cadence Design Systems Inc. (NASDAQ:CDNS) has been assigned a consensus rating of “Buy” from the eleven research firms that are currently covering the stock. Five equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $26.28.
CDNS has been the topic of a number of analyst reports. Needham & Company LLC downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, June 14th. They noted that the move was a valuation call. Bank of America Corp. restated a “buy” rating and issued a $30.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Finally, RBC Capital Markets restated an “outperform” rating and issued a $29.00 price target on shares of Cadence Design Systems in a research note on Tuesday, July 26th.
In other news, insider Anirudh Devgan sold 130,000 shares of the business’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $24.85, for a total value of $3,230,500.00. Following the completion of the transaction, the insider now directly owns 424,707 shares of the company’s stock, valued at $10,553,968.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas P. Beckley sold 58,646 shares of the business’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $25.00, for a total value of $1,466,150.00. Following the completion of the transaction, the insider now directly owns 305,048 shares of the company’s stock, valued at $7,626,200. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Invictus RG boosted its position in Cadence Design Systems by 625.9% in the second quarter. Invictus RG now owns 5,277 shares of the company’s stock worth $128,000 after buying an additional 4,550 shares during the period. Daiwa Securities Group Inc. bought a new position in Cadence Design Systems during the second quarter worth $168,000. Penserra Capital Management LLC bought a new position in Cadence Design Systems during the second quarter worth $169,000. Strs Ohio bought a new position in Cadence Design Systems during the second quarter worth $183,000. Finally, Mn Services Vermogensbeheer B.V. bought a new position in Cadence Design Systems during the second quarter worth $168,000. 85.57% of the stock is owned by institutional investors.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 25.47 on Monday. The stock has a market cap of $7.45 billion, a price-to-earnings ratio of 30.18 and a beta of 1.14. Cadence Design Systems has a 52 week low of $18.32 and a 52 week high of $26.24. The stock’s 50 day moving average price is $25.15 and its 200-day moving average price is $24.43.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The company had revenue of $453 million for the quarter, compared to the consensus estimate of $449.54 million. During the same period last year, the business posted $0.27 EPS. The company’s revenue was up 8.9% on a year-over-year basis. Equities analysts anticipate that Cadence Design Systems will post $1.20 earnings per share for the current fiscal year.
Cadence Design Systems Company Profile
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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