Cadence Design Systems, Inc. (NASDAQ:CDNS) saw unusually-strong trading volume on Friday . Approximately 57,218,094 shares traded hands during trading, an increase of 2,873% from the previous session’s volume of 1,924,430 shares.The stock last traded at $38.27 and had previously closed at $38.02.
Several research analysts recently issued reports on CDNS shares. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Royal Bank Of Canada lifted their target price on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, July 25th. Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Bank of America Corporation boosted their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Finally, Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $33.67.
The firm has a 50-day moving average of $37.36 and a 200-day moving average of $34.18. The firm has a market cap of $10.72 billion, a price-to-earnings ratio of 44.50 and a beta of 0.92.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate of $476.21 million. During the same period last year, the business posted $0.29 EPS. The company’s revenue was up 5.7% compared to the same quarter last year. Equities analysts expect that Cadence Design Systems, Inc. will post $1.39 EPS for the current year.
In other Cadence Design Systems news, insider Thomas P. Beckley sold 56,250 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at approximately $11,295,690. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $34.68, for a total value of $3,468,000.00. Following the sale, the chief executive officer now owns 583,332 shares in the company, valued at $20,229,953.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 316,286 shares of company stock worth $11,395,640. Company insiders own 2.55% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Achmea Investment Management B.V. boosted its stake in Cadence Design Systems by 81.3% during the 2nd quarter. Achmea Investment Management B.V. now owns 18,797 shares of the software maker’s stock valued at $629,000 after purchasing an additional 8,429 shares during the last quarter. USA Financial Portformulas Corp purchased a new stake in Cadence Design Systems during the 2nd quarter valued at $828,000. WINTON GROUP Ltd boosted its stake in Cadence Design Systems by 55.3% during the 2nd quarter. WINTON GROUP Ltd now owns 296,620 shares of the software maker’s stock valued at $9,934,000 after purchasing an additional 105,633 shares during the last quarter. Koch Industries Inc. boosted its stake in Cadence Design Systems by 10,354.0% during the 2nd quarter. Koch Industries Inc. now owns 1,024,180 shares of the software maker’s stock valued at $994,000 after purchasing an additional 1,014,383 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in Cadence Design Systems by 1.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 83,671 shares of the software maker’s stock valued at $2,802,000 after purchasing an additional 1,494 shares during the last quarter. Institutional investors and hedge funds own 84.27% of the company’s stock.
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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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