Cadence Design Systems Reaches New 12-Month High at $17.88 (CDNS)
Cadence Design Systems (NASDAQ:CDNS)’s share price hit a new 52-week high on Thursday , AmericanBankingNews.com reports. The company traded as high as $17.88 and last traded at $17.66, with a volume of 2,965,320 shares traded. The stock had previously closed at $17.24.
A number of analysts have recently weighed in on CDNS shares. 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, July 22nd. 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, July 22nd. 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, July 22nd. They now have an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $19.29.
The stock’s 50-day moving average is $17.12 and its 200-day moving average is $16.03. The company has a market cap of $5.140 billion and a price-to-earnings ratio of 38.40.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings data 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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