Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) have been assigned a consensus rating of “Buy” from the eight brokerages that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $40.60.
Several research analysts recently issued reports on the company. Zacks Investment Research upgraded 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, November 1st. DA Davidson lifted their price objective on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. Royal Bank Of Canada restated 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 restated an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st.
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In other Cadence Design Systems news, CFO Geoffrey G. Ribar sold 5,000 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $36.88, for a total value of $184,400.00. Following the completion of the transaction, the chief financial officer now directly owns 174,413 shares in the company, valued at approximately $6,432,351.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $37.18, for a total value of $3,718,000.00. Following the completion of the transaction, the chief executive officer now owns 583,332 shares of the company’s stock, valued at $21,688,283.76. The disclosure for this sale can be found here. Insiders sold a total of 278,786 shares of company stock valued at $10,962,920 over the last quarter. 2.55% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its holdings in shares of Cadence Design Systems by 73,454.0% during the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after buying an additional 20,673,635 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth $2,170,000. Mn Services Vermogensbeheer B.V. increased its holdings in shares of Cadence Design Systems by 490.3% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock worth $1,516,000 after buying an additional 37,591 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Cadence Design Systems by 134.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 204,187 shares of the software maker’s stock worth $6,838,000 after buying an additional 117,005 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Cadence Design Systems by 89.7% during the 2nd quarter. First Trust Advisors LP now owns 460,774 shares of the software maker’s stock worth $15,431,000 after buying an additional 217,889 shares during the last quarter. Institutional investors and hedge funds own 84.59% of the company’s stock.
Cadence Design Systems (NASDAQ:CDNS) traded up $0.39 during trading on Wednesday, reaching $44.29. 1,492,230 shares of the company’s stock traded hands, compared to its average volume of 2,002,459. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a 52-week low of $24.15 and a 52-week high of $43.92. The company has a market cap of $12,395.60, a price-to-earnings 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 issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The firm had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. During the same period in the previous year, the firm posted $0.30 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. equities research analysts expect that Cadence Design Systems will post 1.06 EPS for the current fiscal year.
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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