Credit Suisse Group AG Initiates Coverage on Cadence Design Systems Inc. (CDNS)
Equities research analysts at Credit Suisse Group AG began coverage on shares of Cadence Design Systems Inc. (NASDAQ:CDNS) in a note issued to investors on Wednesday, The Fly reports. The brokerage set a “neutral” rating on the stock.
Other equities research analysts have also recently issued reports about the company. RBC Capital Markets restated 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. restated 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, DA Davidson upgraded Cadence Design Systems from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $25.00 to $30.00 in a research note on Monday, October 10th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $26.75.
Cadence Design Systems (NASDAQ:CDNS) opened at 26.24 on Wednesday. Cadence Design Systems has a 12 month low of $18.32 and a 12 month high of $26.45. The stock has a market capitalization of $7.67 billion, a PE ratio of 31.09 and a beta of 1.14. The firm has a 50-day moving average price of $25.34 and a 200 day moving average price of $24.59.
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Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The business earned $453 million during the quarter, compared to analysts’ expectations of $449.54 million. During the same period in the prior year, the business earned $0.27 EPS. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. Equities analysts anticipate that Cadence Design Systems will post $1.20 earnings per share for the current year.
In other news, CFO Geoffrey G. Ribar sold 22,933 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $24.16, for a total value of $554,061.28. Following the transaction, the chief financial officer now directly owns 241,727 shares of the company’s stock, valued at $5,840,124.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anirudh Devgan sold 130,000 shares of the stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $24.85, for a total value of $3,230,500.00. Following the completion of the transaction, the insider now directly owns 424,707 shares in the company, valued at $10,553,968.95. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ngam Advisors L.P. raised its position in shares of Cadence Design Systems by 2.5% in the first quarter. Ngam Advisors L.P. now owns 20,684 shares of the company’s stock worth $488,000 after buying an additional 509 shares in the last quarter. Teachers Advisors Inc. raised its position in shares of Cadence Design Systems by 2.6% in the first quarter. Teachers Advisors Inc. now owns 230,801 shares of the company’s stock worth $5,442,000 after buying an additional 5,763 shares in the last quarter. BlackRock Inc. raised its position in shares of Cadence Design Systems by 27.8% in the first quarter. BlackRock Inc. now owns 134,863 shares of the company’s stock worth $3,181,000 after buying an additional 29,311 shares in the last quarter. BlackRock Group LTD raised its position in shares of Cadence Design Systems by 82.9% in the first quarter. BlackRock Group LTD now owns 381,742 shares of the company’s stock worth $9,001,000 after buying an additional 173,043 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Cadence Design Systems by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,541,877 shares of the company’s stock worth $201,417,000 after buying an additional 164,603 shares in the last quarter. 85.45% of the stock is currently owned by institutional investors and hedge funds.
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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