Bank of America Corporation Boosts Cadence Design Systems, Inc. (NASDAQ:CDNS) Price Target to $41.00
Cadence Design Systems, Inc. (NASDAQ:CDNS) had its price objective raised by analysts at Bank of America Corporation from $38.00 to $41.00 in a report issued on Tuesday. The firm currently has a “buy” rating on the software maker’s stock. Bank of America Corporation’s price target suggests a potential upside of 11.90% from the company’s current price.
Several other brokerages have also recently weighed in on CDNS. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, April 28th. BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Royal Bank Of Canada raised their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, DA Davidson cut Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $32.67.
Shares of Cadence Design Systems (CDNS) traded up 4.48% during mid-day trading on Tuesday, hitting $36.64. The company’s stock had a trading volume of 5,680,940 shares. The company has a 50-day moving average price of $34.38 and a 200-day moving average price of $31.71. Cadence Design Systems has a 1-year low of $23.83 and a 1-year high of $36.84. The stock has a market cap of $10.24 billion, a PE ratio of 47.10 and a beta of 0.93.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. The firm had revenue of $479 million during the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a return on equity of 26.52% and a net margin of 11.97%. The company’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. Analysts predict that Cadence Design Systems will post $1.38 EPS for the current fiscal year.
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In related news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the transaction, the chief executive officer now owns 583,332 shares in the company, valued at $19,856,621.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Roger S. Siboni sold 20,507 shares of Cadence Design Systems stock in a transaction dated Friday, April 28th. The stock was sold at an average price of $32.32, for a total value of $662,786.24. Following the transaction, the director now owns 52,701 shares of the company’s stock, valued at approximately $1,703,296.32. The disclosure for this sale can be found here. Insiders sold a total of 502,663 shares of company stock valued at $16,975,295 in the last 90 days. 2.55% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Cadence Design Systems by 6,398.5% in the first quarter. BlackRock Inc. now owns 26,541,567 shares of the software maker’s stock worth $833,406,000 after buying an additional 26,133,138 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Cadence Design Systems during the first quarter worth approximately $81,715,000. Goldman Sachs Group Inc. boosted its position in Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock worth $149,811,000 after buying an additional 1,549,905 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cadence Design Systems during the first quarter worth approximately $38,468,000. Finally, Bank of Montreal Can boosted its position in Cadence Design Systems by 99.6% in the first quarter. Bank of Montreal Can now owns 2,377,529 shares of the software maker’s stock worth $74,656,000 after buying an additional 1,186,232 shares during the last quarter. Institutional investors and hedge funds own 86.35% of the company’s stock.
About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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