Cadence Design Systems (CDNS) Given Daily Media Impact Score of 0.17
Media coverage about Cadence Design Systems (NASDAQ:CDNS) has been trending somewhat positive on Wednesday, Accern Sentiment Analysis reports. Accern identifies negative and positive press coverage by monitoring more than twenty million news and blog sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores closest to one being the most favorable. Cadence Design Systems earned a news sentiment score of 0.17 on Accern’s scale. Accern also gave news headlines about the software maker an impact score of 46.3884468130167 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the stock’s share price in the next several days.
Here are some of the headlines that may have impacted Accern’s rankings:
- Cadence Design Systems, Inc. (CDNS) Hits New 52-Week High (highlightpress.com)
- Cadence Design Systems, Inc. (CDNS) stock returned 11.64% higher in last quarter – Street Observer (press release) (streetobserver.com)
- Arrowstreet Capital, Limited Partnership Buys A Lot More Cadence Design Systems, Inc. (CDNS) Stock In The Last … – Modern Readers (modernreaders.com)
- Cadence Design Systems, Inc. (CDNS) Ownership Increased by Arrowstreet Capital, Limited Partnership – First News 24 (firstnewspaper24.com)
- Zacks: Brokerages Anticipate Cadence Design Systems, Inc. (NASDAQ:CDNS) Will Announce Quarterly Sales of $482.36 Million (americanbankingnews.com)
CDNS has been the topic of several analyst reports. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Thursday, April 27th. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. DA Davidson lowered Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Royal Bank Of Canada lifted their price target on Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, July 25th. Finally, Bank of America Corporation lifted their price target on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cadence Design Systems has an average rating of “Hold” and a consensus target price of $33.67.
Shares of Cadence Design Systems (CDNS) traded up 0.91% during mid-day trading on Wednesday, reaching $37.56. 1,174,400 shares of the company traded hands. The stock has a market capitalization of $10.52 billion, a price-to-earnings ratio of 43.67 and a beta of 0.94. The company’s 50 day moving average is $35.44 and its 200 day moving average is $32.94. Cadence Design Systems has a 52-week low of $24.15 and a 52-week high of $37.70.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The firm had revenue of $479 million for the quarter, compared to the consensus estimate of $476.21 million. During the same period in the prior year, the business posted $0.29 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems will post $1.39 earnings per share for the current year.
In related news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 583,332 shares in the company, valued at $19,856,621.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas P. Beckley sold 56,250 shares of the stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total value of $1,968,750.00. Following the transaction, the insider now owns 322,734 shares in the company, valued at $11,295,690. The disclosure for this sale can be found here. Insiders have sold 434,656 shares of company stock worth $14,786,334 over the last quarter. 2.55% of the stock is currently owned by company insiders.
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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