Cadence Design Systems (NASDAQ:CDNS) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Wednesday.
A number of other analysts have also issued reports on CDNS. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Royal Bank of Canada increased their target price on Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 11th. DA Davidson increased their target price on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Finally, KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and a consensus price target of $44.50.
Shares of Cadence Design Systems (NASDAQ CDNS) opened at $45.07 on Wednesday. The firm has a market capitalization of $12,740.00, a price-to-earnings ratio of 48.99, a PEG ratio of 3.61 and a beta of 0.94. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.72 and a current ratio of 1.79. Cadence Design Systems has a one year low of $25.42 and a one year high of $45.64.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $485.40 million during the quarter, compared to analyst estimates of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $0.30 EPS. research analysts anticipate that Cadence Design Systems will post 1.06 earnings per share for the current year.
In related news, CFO John M. Wall sold 750 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $43.83, for a total transaction of $32,872.50. Following the completion of the sale, the chief financial officer now directly owns 110,823 shares in the company, valued at $4,857,372.09. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Aneel Zaman sold 32,255 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $44.32, for a total value of $1,429,541.60. Following the sale, the vice president now owns 217,497 shares of the company’s stock, valued at $9,639,467.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 330,224 shares of company stock valued at $14,233,500. 2.55% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 2.2% during the second quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock valued at $820,127,000 after buying an additional 516,100 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Cadence Design Systems by 73,454.0% during the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after buying an additional 20,673,635 shares in the last quarter. State Street Corp raised its holdings in Cadence Design Systems by 1.2% during the second quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock valued at $304,935,000 after buying an additional 108,305 shares in the last quarter. Alkeon Capital Management LLC raised its holdings in Cadence Design Systems by 0.3% during the third quarter. Alkeon Capital Management LLC now owns 5,726,059 shares of the software maker’s stock valued at $226,007,000 after buying an additional 15,000 shares in the last quarter. Finally, APG Asset Management N.V. raised its holdings in Cadence Design Systems by 20,049.7% during the third quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock valued at $144,746,000 after buying an additional 3,649,041 shares in the last quarter. Institutional investors own 84.63% of the company’s stock.
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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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