Cadence Design Systems (CDNS) Hits New 52-Week High at $51.44

Shares of Cadence Design Systems Inc (NASDAQ:CDNS) hit a new 52-week high on Monday . The stock traded as high as $51.44 and last traded at $50.78, with a volume of 63212 shares changing hands. The stock had previously closed at $50.91.

Several analysts have weighed in on the company. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 5th. Zacks Investment Research downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Monday, February 4th. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, November 20th. They set a “hold” rating and a $50.00 price target on the stock. Benchmark upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research report on Tuesday, October 23rd. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $49.00 to $51.00 in a research report on Tuesday, October 23rd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $50.75.

The stock has a market cap of $14.36 billion, a PE ratio of 47.91, a price-to-earnings-growth ratio of 3.38 and a beta of 1.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58.

In related news, Director John B. Shoven sold 50,000 shares of Cadence Design Systems stock in a transaction on Tuesday, February 5th. The stock was sold at an average price of $50.00, for a total value of $2,500,000.00. Following the transaction, the director now directly owns 152,120 shares in the company, valued at approximately $7,606,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $48.05, for a total value of $4,805,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 173,208 shares of company stock worth $8,418,984. 2.28% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. M&T Bank Corp grew its holdings in shares of Cadence Design Systems by 1.2% during the fourth quarter. M&T Bank Corp now owns 17,805 shares of the software maker’s stock valued at $775,000 after buying an additional 213 shares in the last quarter. GAM Holding AG grew its holdings in shares of Cadence Design Systems by 4.5% during the fourth quarter. GAM Holding AG now owns 14,995 shares of the software maker’s stock valued at $652,000 after buying an additional 652 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Cadence Design Systems by 1.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 76,295 shares of the software maker’s stock valued at $3,317,000 after buying an additional 767 shares in the last quarter. Greenleaf Trust grew its holdings in shares of Cadence Design Systems by 8.2% during the fourth quarter. Greenleaf Trust now owns 10,746 shares of the software maker’s stock valued at $467,000 after buying an additional 810 shares in the last quarter. Finally, Stephens Inc. AR grew its holdings in shares of Cadence Design Systems by 7.2% during the fourth quarter. Stephens Inc. AR now owns 12,081 shares of the software maker’s stock valued at $525,000 after buying an additional 814 shares in the last quarter. Institutional investors and hedge funds own 89.13% of the company’s stock.

TRADEMARK VIOLATION WARNING: This piece was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are viewing this piece on another website, it was illegally stolen and reposted in violation of US & international trademark and copyright law. The correct version of this piece can be read at https://www.dispatchtribunal.com/2019/02/11/cadence-design-systems-cdns-hits-new-52-week-high-at-51-44.html.

About Cadence Design Systems (NASDAQ:CDNS)

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

Featured Story: How Do You Make Money With Penny Stocks?

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.




Leave a Reply