Cadence Design Systems, Inc. (NASDAQ:CDNS) had its price objective lifted by Royal Bank Of Canada from $39.00 to $45.00 in a research note issued to investors on Wednesday. They currently have an outperform rating on the software maker’s stock.
Other equities research analysts also recently issued research reports about the company. Credit Suisse Group reaffirmed an outperform rating on shares of Cadence Design Systems in a report on Thursday, August 31st. BidaskClub downgraded Cadence Design Systems from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Zacks Investment Research raised Cadence Design Systems from a hold rating to a buy rating and set a $42.00 target price for the company in a report on Thursday, July 27th. Finally, Bank of America Corporation lifted their target price on Cadence Design Systems from $38.00 to $41.00 and gave the stock a buy rating in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $35.60.
Shares of Cadence Design Systems (CDNS) traded up 0.92% during trading on Wednesday, reaching $41.77. The company’s stock had a trading volume of 1,434,476 shares. Cadence Design Systems has a 12-month low of $24.15 and a 12-month high of $42.20. The stock has a market capitalization of $11.70 billion, a PE ratio of 48.57 and a beta of 0.93. The firm’s 50-day moving average is $38.80 and its 200-day moving average is $35.25.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.02. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the company earned $0.29 earnings per share. Equities analysts expect that Cadence Design Systems will post $1.39 earnings per share for the current year.
In related news, CFO Geoffrey G. Ribar sold 15,000 shares of Cadence Design Systems stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $37.55, for a total transaction of $563,250.00. Following the completion of the sale, the chief financial officer now owns 184,413 shares of the company’s stock, valued at $6,924,708.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Wall sold 750 shares of Cadence Design Systems stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $40.68, for a total value of $30,510.00. The disclosure for this sale can be found here. Insiders have sold 317,036 shares of company stock valued at $11,426,150 in the last ninety days. Corporate insiders own 2.55% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Creative Planning raised its position in Cadence Design Systems by 242.2% during the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after acquiring an additional 2,323 shares in the last quarter. Commonwealth Bank of Australia raised its position in Cadence Design Systems by 36.6% during the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after acquiring an additional 1,300 shares in the last quarter. Tocqueville Asset Management L.P. purchased a new position in Cadence Design Systems during the second quarter valued at approximately $206,000. Affinity Wealth Management purchased a new position in Cadence Design Systems during the second quarter valued at approximately $212,000. Finally, Atria Investments LLC purchased a new position in Cadence Design Systems during the second quarter valued at approximately $231,000. 84.27% of the stock is owned by hedge funds and other institutional investors.
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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