Wells Fargo & Co upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a market perform rating to an outperform rating in a research note issued to investors on Friday morning, Briefing.com Automated Import reports. Wells Fargo & Co currently has $80.00 target price on the software maker’s stock.
A number of other brokerages also recently issued reports on CDNS. DA Davidson raised their price objective on Cadence Design Systems to $80.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Credit Suisse Group raised their price objective on Cadence Design Systems from $62.00 to $70.00 and gave the stock a neutral rating in a research report on Tuesday, July 23rd. ValuEngine downgraded Cadence Design Systems from a buy rating to a hold rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their price objective on Cadence Design Systems from $78.00 to $75.00 and set a neutral rating for the company in a research report on Wednesday, September 11th. Finally, BidaskClub downgraded Cadence Design Systems from a strong-buy rating to a buy rating in a research report on Saturday, August 3rd. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $69.10.
Cadence Design Systems stock traded up $0.61 during trading hours on Friday, hitting $66.51. The stock had a trading volume of 1,147,388 shares, compared to its average volume of 2,025,885. The company has a quick ratio of 1.52, a current ratio of 1.60 and a debt-to-equity ratio of 0.24. The stock has a market cap of $18.46 billion, a price-to-earnings ratio of 54.07, a P/E/G ratio of 4.33 and a beta of 1.17. Cadence Design Systems has a one year low of $39.28 and a one year high of $77.08. The business’s 50 day simple moving average is $66.76 and its 200-day simple moving average is $68.18.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 22nd. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $580.42 million during the quarter, compared to the consensus estimate of $579.41 million. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The business’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. Research analysts anticipate that Cadence Design Systems will post 1.48 EPS for the current fiscal year.
In related news, VP Chin-Chi Teng sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $65.00, for a total transaction of $260,000.00. Following the completion of the sale, the vice president now owns 184,545 shares of the company’s stock, valued at $11,995,425. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lip Bu Tan sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $65.29, for a total value of $2,611,600.00. Following the sale, the chief executive officer now directly owns 888,272 shares of the company’s stock, valued at approximately $57,995,278.88. The disclosure for this sale can be found here. Insiders have sold 122,936 shares of company stock valued at $8,277,904 in the last ninety days. 2.34% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC acquired a new stake in Cadence Design Systems in the second quarter valued at approximately $26,000. Altshuler Shaham Ltd grew its stake in Cadence Design Systems by 109.2% in the second quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock valued at $27,000 after acquiring an additional 201 shares during the period. Next Capital Management LLC acquired a new stake in Cadence Design Systems in the second quarter valued at approximately $29,000. CWM LLC grew its stake in Cadence Design Systems by 217.9% in the second quarter. CWM LLC now owns 445 shares of the software maker’s stock valued at $32,000 after acquiring an additional 305 shares during the period. Finally, Virtus ETF Advisers LLC acquired a new stake in Cadence Design Systems in the second quarter valued at approximately $33,000. 86.83% of the stock is owned by hedge funds and other institutional investors.
About Cadence Design Systems
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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