Cadence Design Systems (NASDAQ: CDNS) recently received a number of ratings updates from brokerages and research firms:

  • 8/1/2017 – Cadence Design Systems was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating.
  • 7/28/2017 – Cadence Design Systems was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Cadence reported impressive second-quarter 2017 results. Revenues increased from the year-ago quarter driven by strong adoption of  products like Palladium Z1, S1 FPGA-based prototyping system, Vinovus and Tensilica. The launch of the company’s design integration platform Virtuoso system and its expanding partnership with Mathworks is a positive. We also believe that increasing investments on emerging trends like Internet-of-things (IoT), augmented and virtual reality (AR/VR) and autonomous vehicle sub-systems presents significant growth opportunity for the company in the long haul. However, intensifying competition, currency volatility, leveraged balance sheet and stretched valuation are the headwinds. Notably, the company has outperformed the broader industry on a year-to-date basis.”
  • 7/27/2017 – Cadence Design Systems was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $42.00 price target on the stock. According to Zacks, “Cadence reported impressive second-quarter 2017 results. Revenues increased from the year-ago quarter driven by strong adoption of  products like Palladium Z1, S1 FPGA-based prototyping system, Vinovus and Tensilica. The launch of the company’s design integration platform Virtuoso system and its expanding partnership with Mathworks is a positive. We also believe that increasing investments on emerging trends like Internet-of-things (IoT), augmented and virtual reality (AR/VR) and autonomous vehicle sub-systems presents significant growth opportunity for the company in the long haul. However, intensifying competition, currency volatility, leveraged balance sheet and stretched valuation are the headwinds. Notably, the company has outperformed the broader industry on a year-to-date basis.”
  • 7/25/2017 – Cadence Design Systems was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.
  • 7/25/2017 – Cadence Design Systems had its price target raised by analysts at Bank of America Corporation from $38.00 to $41.00. They now have a “buy” rating on the stock.
  • 7/25/2017 – Cadence Design Systems had its price target raised by analysts at Royal Bank Of Canada from $36.00 to $39.00. They now have an “outperform” rating on the stock.
  • 7/13/2017 – Cadence Design Systems was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating.
  • 7/7/2017 – Cadence Design Systems had its “buy” rating reaffirmed by analysts at Royal Bank Of Canada.
  • 7/5/2017 – Cadence Design Systems was downgraded by analysts at BidaskClub from a “strong-buy” rating to a “buy” rating.

Cadence Design Systems, Inc. (CDNS) opened at 36.19 on Friday. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 42.08 and a beta of 0.94. The firm has a 50-day moving average of $35.11 and a 200-day moving average of $32.58. Cadence Design Systems, Inc. has a 52-week low of $24.03 and a 52-week high of $37.51.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The firm had revenue of $479 million for the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.

In other news, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total value of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at approximately $11,295,690. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Aneel Zaman sold 29,406 shares of the firm’s 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 completion of the sale, the insider now owns 247,495 shares in the company, valued at $8,073,286.90. The disclosure for this sale can be found here. Insiders have sold 434,656 shares of company stock worth $14,786,334 over the last quarter. Corporate insiders own 2.55% of the company’s stock.

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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