Cadence Design Systems Receives Consensus Rating of “Buy” from Brokerages (NASDAQ:CDNS)
Cadence Design Systems (NASDAQ:CDNS) has received a consensus rating of “Buy” from the nine analysts that are currently covering the stock, AnalystRatings.Net reports. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $19.23.
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 (NASDAQ:CDNS) opened at 16.88 on Tuesday. Cadence Design Systems has a one year low of $12.55 and a one year high of $17.66. The stock has a 50-day moving average of $17.17 and a 200-day moving average of $15.68. The company has a market cap of $4.896 billion and a P/E ratio of 38.02. Cadence Design Systems also was the target of a large decline in short interest in July. As of July 15th, there was short interest totalling 37,033,622 shares, a decline of 6.7% from the June 30th total of 39,696,628 shares. Currently, 13.0% of the shares of the stock are short sold. Based on an average daily volume of 2,425,071 shares, the days-to-cover ratio is currently 15.3 days.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 21st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Analysts expect that Cadence Design Systems will post $0.94 EPS 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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