Cadence Design Systems Rating Increased to Buy at Needham & Company (CDNS)
Cadence Design Systems (NASDAQ:CDNS) was upgraded by stock analysts at Needham & Company to a “buy” rating in a report issued on Friday, StockRatingsNetwork reports.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 14.01 on Friday. Cadence Design Systems has a 52 week low of $12.33 and a 52 week high of $15.96. The stock has a 50-day moving average of $13.40 and a 200-day moving average of $13.9. The company has a market cap of $4.031 billion and a price-to-earnings ratio of 9.28.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Wednesday, October 23rd. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.21. The company had revenue of $367.00 million for the quarter, compared to the consensus estimate of $367.03 million. During the same quarter last year, the company posted $0.21 earnings per share. Cadence Design Systems’s revenue was up 8.3% compared to the same quarter last year.
A number of other firms have also recently commented on CDNS. Analysts at Pacific Crest upgraded shares of Cadence Design Systems from a “sector perform” rating to an “outperform” rating in a research note to investors on Tuesday, November 26th. Analysts at Piper Jaffray raised their price target on shares of Cadence Design Systems from $19.00 to $21.00 in a research note to investors on Thursday, October 24th. They now have an “overweight” rating on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Cadence Design Systems currently has an average rating of “Buy” and a consensus price target of $17.50.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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