Cadence Design Systems Given Consensus Rating of “Buy” by Brokerages (NASDAQ:CDNS)
Cadence Design Systems (NASDAQ:CDNS) has been given an average rating of “Buy” by the nine analysts that are covering the company, AmericanBankingNews.com reports. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $19.23.
Cadence Design Systems (NASDAQ:CDNS) traded down 3.14% during mid-day trading on Tuesday, hitting $16.95. The stock had a trading volume of 4,697,053 shares. Cadence Design Systems has a 1-year low of $12.55 and a 1-year high of $17.66. The stock has a 50-day moving average of $17.12 and a 200-day moving average of $15.61. The company has a market cap of $4.907 billion and a price-to-earnings ratio of 43.53.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings data on Monday, July 21st. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.01. The company had revenue of $378.80 million for the quarter, compared to the consensus estimate of $375.93 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 4.5% on a year-over-year basis. Analysts expect that Cadence Design Systems will post $0.97 EPS for the current fiscal year.
A number of research firms have recently commented on CDNS. Analysts at Topeka Capital Markets raised their price target on shares of Cadence Design Systems from $18.00 to $20.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Needham & Company LLC raised their price target on shares of Cadence Design Systems from $16.00 to $18.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Finally, analysts at Pacific Crest raised their price target on shares of Cadence Design Systems from $18.00 to $20.00 in a research note on Tuesday. They now have an “outperform” rating on the stock.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.