Somewhat Positive Press Coverage Somewhat Unlikely to Affect Cadence Design Systems (CDNS) Stock Price
Media stories about Cadence Design Systems (NASDAQ:CDNS) have trended somewhat positive this week, according to Accern Sentiment. Accern identifies negative and positive media coverage by analyzing more than 20 million news and blog sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. Cadence Design Systems earned a news impact score of 0.19 on Accern’s scale. Accern also assigned press coverage about the software maker an impact score of 46.0791213673947 out of 100, indicating that recent media coverage is somewhat unlikely to have an effect on the company’s share price in the next several days.
These are some of the media headlines that may have impacted Accern Sentiment’s rankings:
- Cadence Design Systems, Inc. (CDNS) P/E ratio is noted at 47.02 – Street Observer (press release) (streetobserver.com)
- Cadence Design Systems, Inc. (CDNS) stock RSI 70.58 Reading lies in an overbought Zone – Voice Of Analysts (analystsbuzz.com)
- Cadence (CDNS) Hits 52-Week High on Strong Product Adoption – Nasdaq (nasdaq.com)
- Cadence Genus Synthesis Solution Enables Fuji Xerox to Improve Multi-Functional Printer SoCs Design Development – EE Journal (eejournal.com)
Cadence Design Systems (NASDAQ CDNS) opened at 40.39 on Friday. The stock has a market capitalization of $11.32 billion, a PE ratio of 46.97 and a beta of 0.93. The company’s 50 day moving average price is $38.34 and its 200-day moving average price is $34.96. Cadence Design Systems has a one year low of $24.15 and a one year high of $40.44.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 earnings per share. Analysts expect that Cadence Design Systems will post $1.39 earnings per share for the current year.
Several research firms have weighed in on CDNS. Credit Suisse Group reaffirmed an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report 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 target on the stock in a report on Thursday, July 27th. Bank of America Corporation raised their price target on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Finally, Royal Bank Of Canada raised their price target on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given 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.
In related news, CFO Geoffrey G. Ribar sold 15,000 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $37.55, for a total value of $563,250.00. Following the sale, the chief financial officer now directly owns 184,413 shares in the company, valued at $6,924,708.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP James J. Cowie sold 5,036 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $37.21, for a total value of $187,389.56. Following the completion of the sale, the vice president now owns 82,082 shares in the company, valued at $3,054,271.22. The disclosure for this sale can be found here. Insiders sold 316,286 shares of company stock worth $11,395,640 over the last quarter. 2.55% of the stock is owned by company insiders.
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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