Cadence Design Systems, Inc. (CDNS) PT Raised to $45.00
Cadence Design Systems, Inc. (NASDAQ:CDNS) had its price target increased by Royal Bank Of Canada from $39.00 to $45.00 in a report issued on Wednesday morning, Marketbeat.com reports. The brokerage currently has an outperform rating on the software maker’s stock.
A number of other research firms have also weighed in on CDNS. Credit Suisse Group reissued an outperform rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub raised Cadence Design Systems from a buy rating to a strong-buy rating in a research note on Wednesday, August 16th. Zacks Investment Research raised Cadence Design Systems from a hold rating to a buy rating and set a $42.00 target price for the company in a research note on Thursday, July 27th. Finally, Bank of America Corporation boosted their target price on Cadence Design Systems from $38.00 to $41.00 and gave the company a buy rating in a research note on Tuesday, July 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued 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 $35.60.
Shares of Cadence Design Systems (NASDAQ CDNS) opened at 42.00 on Wednesday. The firm has a market cap of $11.77 billion, a PE ratio of 48.84 and a beta of 0.93. The stock has a 50 day moving average price of $39.11 and a 200 day moving average price of $35.40. Cadence Design Systems has a 52 week low of $24.15 and a 52 week high of $42.20.
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, beating analysts’ consensus estimates 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 company had revenue of $479.00 million during the quarter, compared to analyst estimates of $476.21 million. During the same quarter in the previous year, the company posted $0.29 EPS. Cadence Design Systems’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts expect that Cadence Design Systems will post $1.39 earnings per share for the current year.
In other Cadence Design Systems news, CFO John M. Wall sold 750 shares of the company’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Geoffrey G. Ribar sold 15,000 shares of the company’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 value of $563,250.00. Following the transaction, the chief financial officer now directly owns 184,413 shares of the company’s stock, valued at approximately $6,924,708.15. The disclosure for this sale can be found here. Insiders have sold a total of 317,036 shares of company stock valued at $11,426,150 in the last ninety days. 2.55% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. OMERS ADMINISTRATION Corp bought a new position in Cadence Design Systems during the 2nd quarter valued at approximately $2,170,000. Mn Services Vermogensbeheer B.V. raised its position in Cadence Design Systems by 490.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock valued at $1,516,000 after purchasing an additional 37,591 shares during the last quarter. Janus Henderson Group PLC raised its position in Cadence Design Systems by 73,454.0% during the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after purchasing an additional 20,673,635 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Cadence Design Systems by 134.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 204,187 shares of the software maker’s stock valued at $6,838,000 after purchasing an additional 117,005 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Cadence Design Systems by 89.7% during the 2nd quarter. First Trust Advisors LP now owns 460,774 shares of the software maker’s stock valued at $15,431,000 after purchasing an additional 217,889 shares during the last quarter. 84.27% of the stock is owned by institutional investors and hedge funds.
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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