Cadence Design Systems, Inc. (CDNS) Stock Rating Reaffirmed by Credit Suisse Group
Several other equities research analysts also recently issued reports on CDNS. BidaskClub raised Cadence Design Systems from a buy rating to a strong-buy rating in a report on Wednesday, August 16th. Royal Bank Of Canada raised their price target on Cadence Design Systems from $36.00 to $39.00 and gave the company an outperform rating in a report on Tuesday, July 25th. Zacks Investment Research downgraded Cadence Design Systems from a buy rating to a hold rating in a report on Friday, July 28th. Finally, Bank of America Corporation raised their price target on Cadence Design Systems from $38.00 to $41.00 and gave the company a buy rating in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Cadence Design Systems currently has a consensus rating of Buy and an average target price of $33.67.
Shares of Cadence Design Systems (CDNS) opened at 38.69 on Thursday. The stock has a 50 day moving average of $36.70 and a 200-day moving average of $33.70. The firm has a market capitalization of $10.84 billion, a PE ratio of 44.99 and a beta of 0.92. Cadence Design Systems has a 52 week low of $24.15 and a 52 week high of $39.49.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. The company had revenue of $479 million during the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. Equities analysts anticipate that Cadence Design Systems will post $1.39 earnings per share for the current fiscal year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the sale, the chief executive officer now owns 583,332 shares of the company’s stock, valued at approximately $19,856,621.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Geoffrey G. Ribar sold 35,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $37.31, for a total value of $1,305,850.00. Following the sale, the chief financial officer now directly owns 204,413 shares of the company’s stock, valued at approximately $7,626,649.03. The disclosure for this sale can be found here. Insiders have sold a total of 416,286 shares of company stock valued at $14,799,640 in the last ninety days. Insiders own 2.55% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CDNS. Glen Harbor Capital Management LLC increased its position in Cadence Design Systems by 53.2% during the 1st quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock worth $591,000 after buying an additional 6,534 shares during the period. Russell Investments Group Ltd. increased its position in Cadence Design Systems by 81.7% during the 1st quarter. Russell Investments Group Ltd. now owns 869,057 shares of the software maker’s stock worth $27,289,000 after buying an additional 390,857 shares during the period. Wetherby Asset Management Inc. bought a new position in Cadence Design Systems during the 1st quarter worth $297,000. Great West Life Assurance Co. Can increased its position in Cadence Design Systems by 3.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 279,720 shares of the software maker’s stock worth $8,780,000 after buying an additional 10,566 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its position in Cadence Design Systems by 23.9% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 23,456 shares of the software maker’s stock worth $737,000 after buying an additional 4,532 shares during the period. 84.27% of the stock is owned by institutional investors and hedge funds.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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