Cadence Design Systems Inc (NASDAQ:CDNS) has earned a consensus rating of “Hold” from the nine ratings firms that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $43.25.
A number of analysts have recently weighed in on the stock. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. BidaskClub upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. Credit Suisse Group restated a “neutral” rating and issued a $43.00 price objective (up from $37.00) on shares of Cadence Design Systems in a research note on Thursday, February 1st. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Finally, ValuEngine upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st.
In related news, President Anirudh Devgan sold 44,526 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total transaction of $2,004,115.26. Following the completion of the transaction, the president now directly owns 377,019 shares in the company, valued at approximately $16,969,625.19. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 750 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $37.93, for a total transaction of $28,447.50. Following the transaction, the chief financial officer now owns 129,673 shares of the company’s stock, valued at $4,918,496.89. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 261,839 shares of company stock valued at $11,361,571. Corporate insiders own 2.55% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CDNS. Xact Kapitalforvaltning AB raised its stake in shares of Cadence Design Systems by 14.3% in the 4th quarter. Xact Kapitalforvaltning AB now owns 29,732 shares of the software maker’s stock valued at $1,243,000 after buying an additional 3,720 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Cadence Design Systems by 33.2% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 116,999 shares of the software maker’s stock valued at $4,893,000 after buying an additional 29,181 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $5,855,000. MetLife Investment Advisors LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $3,654,000. Finally, Gotham Asset Management LLC raised its stake in shares of Cadence Design Systems by 227.3% in the 4th quarter. Gotham Asset Management LLC now owns 268,716 shares of the software maker’s stock valued at $11,238,000 after buying an additional 186,603 shares in the last quarter. Hedge funds and other institutional investors own 85.63% of the company’s stock.
Cadence Design Systems (CDNS) traded up $0.19 during mid-day trading on Tuesday, reaching $39.49. 774,386 shares of the company’s stock traded hands, compared to its average volume of 2,416,144. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.53 and a quick ratio of 1.47. The company has a market capitalization of $11,136.55, a P/E ratio of 36.45, a price-to-earnings-growth ratio of 3.84 and a beta of 1.08. Cadence Design Systems has a 12 month low of $30.35 and a 12 month high of $46.00.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The company had revenue of $501.70 million during the quarter, compared to the consensus estimate of $496.20 million. During the same period in the previous year, the firm posted $0.34 earnings per share. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. sell-side analysts expect 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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