Credit Suisse Group reissued their outperform rating on shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in a research note published on Thursday.

A number of other brokerages also recently weighed in on CDNS. 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 price objective on the stock in a research note on Thursday, July 27th. Bank of America Corporation raised their price objective 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. Finally, Royal Bank Of Canada raised their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the company an outperform rating in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Cadence Design Systems has a consensus rating of Buy and an average price target of $33.67.

Shares of Cadence Design Systems (NASDAQ CDNS) traded down 0.853% during mid-day trading on Thursday, reaching $38.955. 632,692 shares of the company’s stock traded hands. The company has a market capitalization of $10.92 billion, a P/E ratio of 45.297 and a beta of 0.94. The firm has a 50-day moving average price of $36.58 and a 200-day moving average price of $33.64. Cadence Design Systems has a 1-year low of $24.15 and a 1-year high of $39.49.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $479 million for the quarter, compared to the consensus estimate of $476.21 million. During the same period last year, the business earned $0.29 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Design Systems will post $1.39 earnings per share for the current fiscal year.

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In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $34.04, for a total value of $3,404,000.00. Following the transaction, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at approximately $19,856,621.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 322,734 shares in the company, valued at $11,295,690. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 416,286 shares of company stock worth $14,799,640. Company insiders own 2.55% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mn Services Vermogensbeheer B.V. increased its position in shares of Cadence Design Systems by 490.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock valued at $1,516,000 after buying an additional 37,591 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in shares of Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock valued at $591,000 after buying an additional 6,534 shares in the last quarter. Koch Industries Inc. acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $308,000. First Trust Advisors LP increased its position in shares of Cadence Design Systems by 89.7% in the second quarter. First Trust Advisors LP now owns 460,774 shares of the software maker’s stock valued at $15,431,000 after buying an additional 217,889 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Cadence Design Systems by 91.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 191,918 shares of the software maker’s stock valued at $6,427,000 after buying an additional 91,560 shares in the last quarter. 84.26% of the stock is currently owned by institutional investors.

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).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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