Cadence Design Systems, Inc. (CDNS) Hits New 1-Year High at $43.68

Cadence Design Systems, Inc. (NASDAQ:CDNS) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $43.68 and last traded at $0.00, with a volume of shares trading hands.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Wednesday. DA Davidson boosted their price objective on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. Royal Bank Of Canada reissued a “buy” rating and set a $46.00 price objective on shares of Cadence Design Systems in a research report on Friday, October 27th. Finally, Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $40.60.

The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $12,395.60, a P/E ratio of 47.20, a price-to-earnings-growth ratio of 3.46 and a beta of 0.94.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. During the same quarter in the previous year, the company earned $0.30 EPS. Cadence Design Systems’s revenue for the quarter was up 8.8% on a year-over-year basis. equities research analysts forecast that Cadence Design Systems, Inc. will post 1.06 earnings per share for the current year.

In related news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $37.18, for a total transaction of $3,718,000.00. Following the transaction, the chief executive officer now owns 583,332 shares in the company, valued at approximately $21,688,283.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Roger S. Siboni sold 18,000 shares of Cadence Design Systems stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $43.14, for a total transaction of $776,520.00. Following the transaction, the director now owns 52,194 shares in the company, valued at approximately $2,251,649.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 278,786 shares of company stock worth $10,962,920. 2.55% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Cadence Design Systems by 2.2% in the 2nd quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after purchasing an additional 516,100 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Cadence Design Systems by 73,454.0% in the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after purchasing an additional 20,673,635 shares in the last quarter. State Street Corp lifted its stake in Cadence Design Systems by 1.2% in the 2nd quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock worth $304,935,000 after purchasing an additional 108,305 shares in the last quarter. Pictet Asset Management Ltd. lifted its stake in Cadence Design Systems by 2.7% in the 2nd quarter. Pictet Asset Management Ltd. now owns 4,191,828 shares of the software maker’s stock worth $147,301,000 after purchasing an additional 108,344 shares in the last quarter. Finally, APG Asset Management N.V. lifted its stake in Cadence Design Systems by 20,049.7% in the 3rd quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock worth $144,746,000 after purchasing an additional 3,649,041 shares in the last quarter. Institutional investors own 85.46% of the company’s stock.

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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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