Cadence Design Systems, Inc. (CDNS) Upgraded to “Strong-Buy” at BidaskClub
Cadence Design Systems, Inc. (NASDAQ:CDNS) was upgraded by equities research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.
CDNS has been the topic of several other research reports. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Thursday, July 27th. Bank of America Corporation upped their price target 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. DA Davidson lowered Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $33.00 price target on shares of Cadence Design Systems in a research note on Tuesday, April 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $33.67.
Shares of Cadence Design Systems (CDNS) traded up 0.59% on Wednesday, hitting $37.44. The stock had a trading volume of 284,056 shares. The firm has a 50 day moving average price of $35.33 and a 200-day moving average price of $32.91. Cadence Design Systems has a 52 week low of $24.15 and a 52 week high of $37.51. The company has a market cap of $10.49 billion, a price-to-earnings ratio of 43.53 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the 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 analyst estimates of $476.21 million. During the same quarter in the prior year, the firm posted $0.29 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts anticipate that Cadence Design Systems will post $1.39 EPS for the current year.
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In other Cadence Design Systems 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 value of $3,404,000.00. Following the completion of the sale, the chief executive officer now directly owns 583,332 shares in the company, valued at $19,856,621.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the sale, the insider now owns 322,734 shares of the company’s stock, valued at $11,295,690. The disclosure for this sale can be found here. Insiders sold 434,656 shares of company stock valued at $14,786,334 in the last quarter. 2.55% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Cadence Design Systems by 6,398.5% in the first quarter. BlackRock Inc. now owns 26,541,567 shares of the software maker’s stock valued at $833,406,000 after buying an additional 26,133,138 shares during the period. Janus Henderson Group PLC increased its stake in shares of Cadence Design Systems by 73,454.0% in the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after buying an additional 20,673,635 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Cadence Design Systems during the first quarter valued at about $81,715,000. Goldman Sachs Group Inc. increased its stake in shares of Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock valued at $149,811,000 after buying an additional 1,549,905 shares during the period. Finally, AJO LP increased its stake in shares of Cadence Design Systems by 416.3% in the second quarter. AJO LP now owns 1,757,187 shares of the software maker’s stock valued at $58,848,000 after buying an additional 1,416,833 shares during the period. Institutional investors own 86.08% of the company’s stock.
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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