Investors Buy Shares of Cadence Design Systems, Inc. (CDNS) on Weakness
Investors purchased shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) on weakness during trading hours on Wednesday. $66.11 million flowed into the stock on the tick-up and $15.37 million flowed out of the stock on the tick-down, for a money net flow of $50.74 million into the stock. Of all companies tracked, Cadence Design Systems had the 15th highest net in-flow for the day. Cadence Design Systems traded down ($0.10) for the day and closed at $37.45
A number of research analysts have issued reports on CDNS shares. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Thursday, July 27th. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Bank of America Corporation increased their price objective on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $33.67.
The firm has a 50 day moving average price of $37.28 and a 200-day moving average price of $34.08. The firm has a market cap of $10.49 billion, a PE ratio of 43.55 and a beta of 0.92.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. The business had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 EPS. Equities research analysts forecast that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.
In other news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $34.04, for a total value of $3,404,000.00. Following the transaction, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at approximately $19,856,621.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Geoffrey G. Ribar sold 15,000 shares of Cadence Design Systems stock in a transaction on Monday, August 28th. The shares were sold at an average price of $37.55, for a total transaction of $563,250.00. Following the completion of the transaction, the chief financial officer now directly owns 184,413 shares in the company, valued at $6,924,708.15. The disclosure for this sale can be found here. Insiders sold a total of 416,286 shares of company stock worth $14,799,640 over the last ninety days. Corporate insiders own 2.55% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Creative Planning increased its holdings in shares of Cadence Design Systems by 242.2% in the 2nd quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after acquiring an additional 2,323 shares during the period. Commonwealth Bank of Australia increased its stake in Cadence Design Systems by 36.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after buying an additional 1,300 shares during the period. Tocqueville Asset Management L.P. acquired a new position in Cadence Design Systems in the 2nd quarter valued at $206,000. Affinity Wealth Management acquired a new position in Cadence Design Systems in the 2nd quarter valued at $212,000. Finally, Atria Investments LLC acquired a new position in Cadence Design Systems in the 2nd quarter valued at $231,000. 84.27% of the stock is currently owned by institutional investors and hedge funds.
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About Cadence Design Systems
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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