Cadence Design Systems’ (CDNS) Outperform Rating Reaffirmed at Credit Suisse Group
Cadence Design Systems, Inc. (NASDAQ:CDNS)‘s stock had its “outperform” rating reissued by equities research analysts at Credit Suisse Group in a research note issued on Thursday.
Several other analysts have also issued reports on CDNS. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 1st. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Royal Bank Of Canada reissued a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. Finally, Bank of America Corporation boosted their price target on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Buy” and a consensus price target of $33.67.
Cadence Design Systems (CDNS) traded up 1.77% on Thursday, hitting $39.04. The stock had a trading volume of 846,143 shares. The company has a market capitalization of $10.94 billion, a price-to-earnings ratio of 45.40 and a beta of 0.94. The firm has a 50-day moving average of $36.11 and a 200 day moving average of $33.39. Cadence Design Systems has a 52 week low of $24.15 and a 52 week high of $39.04.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $476.21 million. During the same quarter in the previous year, the company posted $0.29 earnings per share. Cadence Design Systems’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts predict that Cadence Design Systems will post $1.39 earnings per share for the current year.
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In other news, VP James J. Cowie sold 5,036 shares of the company’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $37.21, for a total value of $187,389.56. Following the completion of the transaction, the vice president now owns 82,082 shares of the company’s stock, valued at $3,054,271.22. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $34.68, for a total value of $3,468,000.00. Following the completion of the transaction, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at approximately $20,229,953.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 416,286 shares of company stock valued at $14,799,640. Corporate insiders own 2.55% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Creative Planning raised its position in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after buying an additional 2,323 shares during the period. Commonwealth Bank of Australia raised its position in Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after buying an additional 1,300 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in 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 during the period. Tocqueville Asset Management L.P. acquired a new position in Cadence Design Systems during the second quarter worth $206,000. Finally, Affinity Wealth Management acquired a new position in Cadence Design Systems during the second quarter worth $212,000. 84.26% of the stock is owned by hedge funds and other institutional investors.
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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