Cadence Design Systems Upgraded by Zacks to “Outperform” (CDNS)
Cadence Design Systems (NASDAQ:CDNS) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Wednesday. The firm currently has a $18.80 target price on the stock. Zacks‘s price objective points to a potential upside of 7.06% from the stock’s previous close.
Several other analysts have also recently commented on the stock. 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. 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. Six equities research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $17.95.
Cadence Design Systems (NASDAQ:CDNS) traded down 0.85% on Wednesday, hitting $17.41. The stock had a trading volume of 1,192,835 shares. Cadence Design Systems has a 1-year low of $12.55 and a 1-year high of $17.63. The stock’s 50-day moving average is $16.7 and its 200-day moving average is $15.30. The company has a market cap of $5.040 billion and a price-to-earnings ratio of 43.68. Cadence Design Systems also saw a large growth in short interest in the month of June. As of June 13th, there was short interest totalling 39,127,799 shares, a growth of 4.0% from the May 30th total of 37,624,394 shares. Based on an average daily volume of 3,501,356 shares, the days-to-cover ratio is currently 11.2 days. Currently, 13.7% of the company’s shares are sold short.
Cadence Design Systems (NASDAQ:CDNS) last announced its 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. On average, analysts predict that Cadence Design Systems will post $0.97 earnings per share for the current fiscal year.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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