Cadence Design Systems Inc (CDNS) Receives Consensus Recommendation of “Buy” from Brokerages
Cadence Design Systems Inc (NASDAQ:CDNS) has been given an average recommendation of “Buy” by the eight brokerages that are currently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $43.33.
CDNS has been the subject of several recent analyst reports. DA Davidson upped their target price on shares of 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday, January 10th. Royal Bank of Canada increased their price objective on shares of Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 11th. Finally, Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th.
In other news, VP Aneel Zaman sold 32,255 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $44.32, for a total transaction of $1,429,541.60. Following the sale, the vice president now directly owns 217,497 shares in the company, valued at approximately $9,639,467.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Roger S. Siboni sold 18,000 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $43.14, for a total transaction of $776,520.00. Following the sale, the director now owns 52,194 shares in the company, valued at $2,251,649.16. The disclosure for this sale can be found here. Insiders have sold a total of 280,974 shares of company stock valued at $12,319,462 in the last three months. Insiders own 2.55% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CDNS. Commonwealth Bank of Australia raised its position in shares of Cadence Design Systems by 36.6% during 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 in the last quarter. Advisor Group Inc. raised its position in Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after purchasing an additional 2,505 shares during the period. Dupont Capital Management Corp purchased a new stake in Cadence Design Systems in the 3rd quarter worth about $170,000. Parkwood LLC purchased a new stake in Cadence Design Systems in the 3rd quarter worth about $201,000. Finally, Coldstream Capital Management Inc. purchased a new stake in Cadence Design Systems in the 3rd quarter worth about $207,000. Hedge funds and other institutional investors own 84.77% of the company’s stock.
Cadence Design Systems (CDNS) opened at $45.07 on Monday. The firm has a market cap of $12,725.96, a price-to-earnings ratio of 48.46, a P/E/G ratio of 3.69 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 $25.42 and a 1-year high of $45.64.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. Cadence Design Systems’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 EPS. analysts expect that Cadence Design Systems will post 1.06 earnings per share for the current fiscal year.
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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