Traders purchased shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) on weakness during trading hours on Monday. $46.83 million flowed into the stock on the tick-up and $26.86 million flowed out of the stock on the tick-down, for a money net flow of $19.97 million into the stock. Of all stocks tracked, Cadence Design Systems had the 17th highest net in-flow for the day. Cadence Design Systems traded down ($0.63) for the day and closed at $37.61
Several equities analysts have recently weighed in on the company. Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Bank of America Corporation lifted their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. Finally, Royal Bank Of Canada lifted 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, July 25th. One analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Cadence Design Systems currently has an average rating of “Buy” and an average target price of $33.67.
The firm’s 50-day moving average is $37.19 and its 200-day moving average is $33.98. The firm has a market cap of $10.54 billion, a price-to-earnings ratio of 43.73 and a beta of 0.92.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the 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 company had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. During the same quarter in the prior year, the company earned $0.29 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.
In related news, insider Thomas P. Beckley sold 56,250 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now owns 322,734 shares in the company, valued at approximately $11,295,690. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $34.04, for a total value of $3,404,000.00. Following the sale, the chief executive officer now owns 583,332 shares in the company, valued at approximately $19,856,621.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 416,286 shares of company stock worth $14,799,640. 2.55% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Creative Planning boosted its position in shares of Cadence Design Systems by 242.2% during the 2nd quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after purchasing an additional 2,323 shares in the last quarter. Commonwealth Bank of Australia boosted its position in shares of Cadence Design Systems by 36.6% during the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,300 shares in the last quarter. Tocqueville Asset Management L.P. bought a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $206,000. Affinity Wealth Management bought a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $212,000. Finally, Atria Investments LLC bought a new stake in shares of Cadence Design Systems during the 2nd quarter valued at about $231,000. Institutional investors own 84.27% of the company’s stock.
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Cadence Design Systems Company Profile
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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