Cadence Design Systems (CDNS) Receiving Somewhat Favorable Press Coverage, Accern Reports
Press coverage about Cadence Design Systems (NASDAQ:CDNS) has been trending somewhat positive this week, according to Accern Sentiment. The research firm scores the sentiment of press coverage by analyzing more than twenty million news and blog sources. Accern ranks coverage of companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Cadence Design Systems earned a media sentiment score of 0.13 on Accern’s scale. Accern also gave news stories about the software maker an impact score of 46.4395006268279 out of 100, meaning that recent press coverage is somewhat unlikely to have an effect on the stock’s share price in the immediate future.
Here are some of the news stories that may have impacted Accern Sentiment Analysis’s analysis:
- Keep Eye on 52-week high Price – Cadence Design Systems, Inc. (CDNS) – Wall Street Morning (wallstreetmorning.com)
- Cadence Design Systems, Inc. (CDNS) – Keep in mind Technical indicators – Wall Street Morning (wallstreetmorning.com)
- Innovators Under 40 to Be Recognized at the 55th Design Automation Conference (it.tmcnet.com)
- Cadence Design Systems, Inc. (CDNS) Set to Announce Earnings on Monday (americanbankingnews.com)
- Head to Head Analysis: Cadence Design Systems (CDNS) & Its Competitors (americanbankingnews.com)
Several brokerages recently issued reports on CDNS. Royal Bank Of Canada restated a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Thursday, July 27th. Finally, Bank of America Corporation boosted their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $35.60.
Cadence Design Systems (CDNS) opened at 41.81 on Wednesday. The firm has a market capitalization of $11.72 billion, a P/E ratio of 48.62 and a beta of 0.93. The stock’s 50 day moving average price is $39.11 and its 200-day moving average price is $35.42. Cadence Design Systems has a 12 month low of $24.15 and a 12 month high of $42.20.
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 the consensus estimate of $0.32 by $0.02. The business had revenue of $479.00 million for 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 company’s revenue was up 5.7% on a year-over-year basis. During the same period last year, the business posted $0.29 EPS. On average, analysts forecast that Cadence Design Systems will post $1.39 earnings per share for the current year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $37.18, for a total transaction of $3,718,000.00. Following the completion of the sale, the chief executive officer now owns 583,332 shares in the company, valued at approximately $21,688,283.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Geoffrey G. Ribar sold 35,000 shares of the firm’s stock in a transaction that occurred 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 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. Over the last quarter, insiders have sold 160,786 shares of company stock worth $5,989,400. Company insiders own 2.55% of the company’s stock.
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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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