Cadence Design Systems Inc (NASDAQ:CDNS) has been assigned a consensus recommendation of “Hold” from the eight brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $43.25.
A number of equities analysts have recently commented on CDNS shares. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a report on Wednesday, November 1st. Royal Bank of Canada restated a “buy” rating and set a $46.00 price target on shares of Cadence Design Systems in a research report on Friday, October 27th. BidaskClub upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday, January 10th. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th.
In related news, CFO John M. Wall sold 750 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $43.69, for a total value of $32,767.50. Following the completion of the transaction, the chief financial officer now directly owns 110,073 shares in the company, valued at approximately $4,809,089.37. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $43.52, for a total transaction of $4,352,000.00. Following the completion of the transaction, the chief executive officer now owns 533,333 shares of the company’s stock, valued at $23,210,652.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 288,281 shares of company stock worth $12,714,887. Insiders own 2.55% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cerebellum GP LLC purchased a new position in Cadence Design Systems in the 4th quarter worth approximately $123,000. Advisor Group Inc. raised its holdings in Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after acquiring an additional 2,505 shares during the last quarter. Dupont Capital Management Corp purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $170,000. Parkwood LLC purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $201,000. Finally, Coldstream Capital Management Inc. purchased a new position in Cadence Design Systems in the 3rd quarter worth approximately $207,000. Institutional investors own 84.91% of the company’s stock.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded up $0.86 during midday trading on Friday, reaching $37.68. The company’s stock had a trading volume of 3,471,500 shares, compared to its average volume of 2,388,431. Cadence Design Systems has a 1-year low of $29.50 and a 1-year high of $46.00. The company has a market capitalization of $10,639.32, a price-to-earnings ratio of 34.89, a price-to-earnings-growth ratio of 3.68 and a beta of 0.97. The company has a current ratio of 1.53, a quick ratio of 1.47 and a debt-to-equity ratio of 0.65.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Wednesday, January 31st. The software maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The business had revenue of $501.70 million during the quarter, compared to analyst estimates of $496.20 million. During the same period in the prior year, the company earned $0.34 earnings per share. Cadence Design Systems’s revenue was up 7.0% compared to the same quarter last year. equities research analysts anticipate that Cadence Design Systems will post 0.85 earnings per share for the current fiscal year.
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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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