Cadence Design Systems, Inc. (CDNS) Upgraded to Strong-Buy by BidaskClub
Cadence Design Systems, Inc. (NASDAQ:CDNS) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday.
Several other equities research analysts have also recently weighed in on CDNS. Royal Bank Of Canada reiterated a “buy” rating and issued a $33.00 target price on shares of Cadence Design Systems in a report on Tuesday, April 18th. DA Davidson cut Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research report on Thursday, April 27th. Finally, Bank of America Corporation boosted their price target on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Cadence Design Systems has a consensus rating of “Hold” and a consensus target price of $33.67.
Cadence Design Systems (CDNS) traded up 0.91% during trading on Wednesday, reaching $37.56. The company’s stock had a trading volume of 1,174,400 shares. The firm’s 50-day moving average price is $35.44 and its 200 day moving average price is $32.94. Cadence Design Systems has a 12-month low of $24.15 and a 12-month high of $37.70. The company has a market capitalization of $10.52 billion, a P/E ratio of 43.67 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The business had revenue of $479 million during the quarter, compared to analysts’ expectations of $476.21 million. During the same period in the prior year, the business earned $0.29 EPS. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems will post $1.39 earnings per share for the current fiscal year.
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In other news, VP James J. Cowie sold 44,000 shares of the stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $33.09, for a total value of $1,455,960.00. Following the transaction, the vice president now directly owns 137,332 shares of the company’s stock, valued at $4,544,315.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aneel Zaman sold 29,406 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $32.62, for a total value of $959,223.72. Following the completion of the transaction, the insider now directly owns 247,495 shares in the company, valued at $8,073,286.90. The disclosure for this sale can be found here. Insiders have sold a total of 434,656 shares of company stock worth $14,786,334 over the last ninety days. 2.55% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. raised its position in shares of Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock worth $200,000 after buying an additional 31 shares in the last quarter. Caxton Associates LP increased its stake in shares of Cadence Design Systems by 0.6% in the second quarter. Caxton Associates LP now owns 15,900 shares of the software maker’s stock worth $532,000 after buying an additional 100 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Cadence Design Systems by 0.3% in the first quarter. Victory Capital Management Inc. now owns 39,348 shares of the software maker’s stock worth $1,236,000 after buying an additional 105 shares during the last quarter. Wetherby Asset Management Inc. increased its stake in shares of Cadence Design Systems by 1.2% in the second quarter. Wetherby Asset Management Inc. now owns 9,581 shares of the software maker’s stock worth $321,000 after buying an additional 109 shares during the last quarter. Finally, Advantus Capital Management Inc increased its stake in shares of Cadence Design Systems by 0.3% in the first quarter. Advantus Capital Management Inc now owns 35,693 shares of the software maker’s stock worth $1,121,000 after buying an additional 112 shares during the last quarter. 86.08% of the stock is currently owned by institutional investors and hedge funds.
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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