Cadence Design Systems Inc. (CDNS) Lifted to Buy at DA Davidson
Cadence Design Systems Inc. (NASDAQ:CDNS) was upgraded by equities research analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued on Monday.
Other research analysts have also recently issued research reports about the stock. RBC Capital Markets restated an “outperform” rating and set a $29.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Bank of America Corp. restated a “buy” rating and set a $30.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Finally, Needham & Company LLC cut shares of 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. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $26.25.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 25.53 on Monday. The firm’s 50-day moving average is $25.20 and its 200 day moving average is $24.45. The stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of 30.25 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.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $453 million for the quarter, compared to analysts’ expectations of $449.54 million. Cadence Design Systems had a net margin of 14.52% and a return on equity of 21.48%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.27 EPS. Equities analysts expect that Cadence Design Systems will post $1.20 EPS for the current year.
In other news, insider Thomas P. Beckley sold 58,646 shares of the business’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $25.00, for a total value of $1,466,150.00. Following the sale, the insider now directly owns 305,048 shares in the company, valued at approximately $7,626,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Anirudh Devgan sold 130,000 shares of the business’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $24.85, for a total transaction of $3,230,500.00. Following the completion of the sale, the insider now owns 424,707 shares in the company, valued at $10,553,968.95. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of CDNS. Invictus RG increased its stake 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. purchased a new position in Cadence Design Systems during the second quarter worth approximately $168,000. Penserra Capital Management LLC purchased a new position in Cadence Design Systems during the second quarter worth approximately $169,000. Strs Ohio purchased a new position in Cadence Design Systems during the second quarter worth approximately $183,000. Finally, Mn Services Vermogensbeheer B.V. purchased a new position in Cadence Design Systems during the second quarter worth approximately $168,000. Hedge funds and other institutional investors own 85.57% 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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