Cadence Design Systems Inc. (CDNS) Rating Increased to Buy at DA Davidson
Cadence Design Systems Inc. (NASDAQ:CDNS) was upgraded by DA Davidson from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $30.00 price target on the stock, up from their prior price target of $25.00. DA Davidson’s target price suggests a potential upside of 13.77% from the stock’s current price.
Several other equities research analysts have also weighed in on CDNS. RBC Capital Markets reissued an “outperform” rating and set a $29.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Bank of America Corp. reissued a “buy” rating and set a $30.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, July 26th. Finally, Needham & Company LLC lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, June 14th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Cadence Design Systems currently has an average rating of “Buy” and an average target price of $26.75.
Cadence Design Systems (NASDAQ:CDNS) traded up 3.06% during trading on Monday, reaching $26.31. The company had a trading volume of 1,534,894 shares. Cadence Design Systems has a 52-week low of $18.32 and a 52-week high of $26.45. The company has a 50-day moving average price of $25.20 and a 200 day moving average price of $24.45. The stock has a market cap of $7.69 billion, a PE ratio of 31.17 and a beta of 1.14.
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Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The business earned $453 million during the quarter, compared to analyst estimates of $449.54 million. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same period last year, the company posted $0.27 EPS. On average, analysts anticipate that Cadence Design Systems will post $1.20 earnings per share for the current year.
In related news, insider Anirudh Devgan sold 130,000 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $24.85, for a total transaction of $3,230,500.00. Following the completion of the sale, the insider now directly owns 424,707 shares in the company, valued at $10,553,968.95. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Chi-Ping Hsu sold 3,750 shares of the stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $25.60, for a total value of $96,000.00. Following the sale, the vice president now owns 253,214 shares of the company’s stock, valued at $6,482,278.40. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in CDNS. Invictus RG raised its position in Cadence Design Systems by 625.9% in the second quarter. Invictus RG now owns 5,277 shares of the company’s stock valued at $128,000 after buying an additional 4,550 shares during the period. Daiwa Securities Group Inc. bought a new position in Cadence Design Systems during the second quarter valued at $168,000. Penserra Capital Management LLC bought a new position in Cadence Design Systems during the second quarter valued at $169,000. Strs Ohio bought a new position in Cadence Design Systems during the second quarter valued at $183,000. Finally, Mn Services Vermogensbeheer B.V. bought a new position in Cadence Design Systems during the second quarter valued at $168,000. Institutional investors and hedge funds own 85.57% of the company’s stock.
About Cadence Design Systems
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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