Cadence Design Systems, Inc. (NASDAQ:CDNS) Given New $41.00 Price Target at Bank of America Corporation
Cadence Design Systems, Inc. (NASDAQ:CDNS) had its price target hoisted by Bank of America Corporation from $38.00 to $41.00 in a research report released on Tuesday morning. They currently have a buy rating on the software maker’s stock.
CDNS has been the topic of several other reports. Zacks Investment Research raised shares of Cadence Design Systems from a hold rating to a buy rating and set a $36.00 target price on the stock in a report on Thursday, April 27th. Royal Bank Of Canada reaffirmed a buy rating on shares of Cadence Design Systems in a report on Friday, July 7th. DA Davidson cut shares of Cadence Design Systems from a buy rating to a neutral rating in a report on Tuesday, April 25th. Finally, BidaskClub cut shares of Cadence Design Systems from a strong-buy rating to a buy rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Cadence Design Systems currently has an average rating of Hold and a consensus price target of $33.67.
Cadence Design Systems (NASDAQ CDNS) traded up 0.08% during midday trading on Tuesday, reaching $37.01. The company’s stock had a trading volume of 1,183,510 shares. The firm has a market cap of $10.37 billion, a P/E ratio of 43.03 and a beta of 0.93. The firm has a 50 day moving average price of $34.55 and a 200-day moving average price of $31.95. Cadence Design Systems has a 52 week low of $23.88 and a 52 week high of $37.51.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. During the same period last year, the firm earned $0.29 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems will post $1.39 earnings per share for the current fiscal year.
In related news, insider Aneel Zaman sold 29,406 shares of the stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $32.62, for a total transaction of $959,223.72. Following the sale, the insider now owns 247,495 shares in the company, valued at approximately $8,073,286.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas P. Beckley sold 56,250 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now owns 322,734 shares in the company, valued at approximately $11,295,690. The disclosure for this sale can be found here. Insiders have sold a total of 434,656 shares of company stock worth $14,786,334 in the last quarter. 2.55% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Creative Planning raised its stake in 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. Benjamin F. Edwards & Company Inc. raised its stake in Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock valued at $200,000 after buying an additional 31 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in Cadence Design Systems during the first quarter valued at about $205,000. Janney Capital Management LLC purchased a new stake in Cadence Design Systems during the first quarter valued at about $225,000. Finally, Atria Investments LLC purchased a new stake in Cadence Design Systems during the second quarter valued at about $231,000. Institutional investors and hedge funds own 86.35% of the company’s stock.
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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