Cadence Design Systems Sets New 52-Week High at $17.39 (CDNS)
Shares of Cadence Design Systems (NASDAQ:CDNS) reached a new 52-week high on Monday , Analyst Ratings Network.com reports. The company traded as high as $17.39 and last traded at $17.37, with a volume of 1,769,577 shares trading hands. The stock had previously closed at $17.12.
CDNS has been the subject of a number of recent research reports. Analysts at Summit Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. They now have a $19.00 price target on the stock, up previously from $16.00. Separately, analysts at DA Davidson reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Wednesday, April 16th. They now have a $18.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Cadence Design Systems from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 1st. They now have a $17.50 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $17.63.
The stock has a 50-day moving average of $16.39 and a 200-day moving average of $15.07. The company has a market cap of $5.037 billion and a P/E ratio of 42.59.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.19 by $0.01. The company had revenue of $378.55 million for the quarter, compared to the consensus estimate of $376.80 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Analysts expect that Cadence Design Systems will post $0.97 EPS for the current fiscal year.
In other Cadence Design Systems news, Director Roger S. Siboni sold 25,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $16.93, for a total transaction of $423,250.00. The sale was disclosed in a filing with the SEC, which is available at this link.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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