News articles about Cadence Design Systems (NASDAQ:CDNS) have been trending somewhat positive on Friday, according to Accern Sentiment. The research firm identifies negative and positive news coverage by monitoring more than 20 million blog and news sources. Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. Cadence Design Systems earned a news sentiment score of 0.13 on Accern’s scale. Accern also assigned news stories about the software maker an impact score of 46.4395006268279 out of 100, meaning that recent news coverage is somewhat unlikely to have an impact on the stock’s share price in the near future.
Here are some of the media headlines that may have impacted Accern Sentiment’s rankings:
Shares of Cadence Design Systems (CDNS) opened at 42.72 on Friday. The stock has a market capitalization of $11.97 billion, a P/E ratio of 49.67 and a beta of 0.93. Cadence Design Systems has a 52-week low of $24.15 and a 52-week high of $42.88. The company has a 50 day moving average price of $39.89 and a 200-day moving average price of $36.02.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 earnings per share. On average, analysts predict that Cadence Design Systems will post $1.39 earnings per share for the current fiscal year.
A number of equities analysts have recently weighed in on CDNS shares. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research note on Thursday, July 27th. Finally, Bank of America Corporation upped their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $38.25.
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In related news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $37.18, for a total transaction of $3,718,000.00. Following the sale, the chief executive officer now owns 583,332 shares in the company, valued at $21,688,283.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Geoffrey G. Ribar sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.31, for a total transaction of $1,305,850.00. Following the sale, the chief financial officer now owns 204,413 shares in the company, valued at approximately $7,626,649.03. The disclosure for this sale can be found here. Insiders sold 260,786 shares of company stock worth $10,186,400 over the last quarter. Company insiders own 2.55% 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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