Cadence Design Systems, Inc. (CDNS) Given Consensus Rating of “Buy” by Analysts
Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been given an average recommendation of “Buy” by the eight brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $40.60.
Several equities analysts have recently weighed in on CDNS shares. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. Royal Bank Of Canada lifted their price target on Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 11th. Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Finally, DA Davidson lifted their price target on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call.
In other Cadence Design Systems news, CFO Geoffrey G. Ribar sold 15,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 184,413 shares in the company, valued at $6,924,708.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $40.68, for a total transaction of $30,510.00. The disclosure for this sale can be found here. Insiders have sold 210,224 shares of company stock valued at $8,946,242 over the last 90 days. Company insiders own 2.55% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning raised its position in shares of Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after buying an additional 2,323 shares in the last quarter. Commonwealth Bank of Australia raised its position in shares of Cadence Design Systems by 36.6% in the second 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 in the last quarter. Advisor Group Inc. raised its position in shares of Cadence Design Systems by 151.4% in the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after buying an additional 2,505 shares in the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $170,000. Finally, Parkwood LLC acquired a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $201,000. Institutional investors own 83.48% of the company’s stock.
Cadence Design Systems (NASDAQ:CDNS) opened at $45.60 on Friday. The firm has a market capitalization of $12,875.62, a PE ratio of 49.03, a PEG ratio of 3.60 and a beta of 0.94. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a 1-year low of $24.15 and a 1-year high of $45.64.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million during the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. Cadence Design Systems’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. sell-side analysts expect that Cadence Design Systems will post 1.06 earnings per share for the current fiscal year.
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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