Cadence Design Systems (CDNS) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a buy rating in a research report report published on Wednesday.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada restated a buy rating and set a $46.00 price objective on shares of Cadence Design Systems in a research note on Friday, October 27th. Zacks Investment Research upgraded shares of Cadence Design Systems from a hold rating to a buy rating and set a $48.00 price objective on the stock in a research note on Wednesday, November 1st. Needham & Company LLC restated a hold rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. KeyCorp restated a hold rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Finally, DA Davidson lifted their price objective on shares of Cadence Design Systems to $43.00 and gave the company a neutral rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $44.50.

Cadence Design Systems (CDNS) traded up $0.20 during mid-day trading on Wednesday, reaching $45.07. The company’s stock had a trading volume of 1,205,068 shares, compared to its average volume of 2,398,705. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. The company has a market capitalization of $12,725.96, a PE ratio of 48.46, a price-to-earnings-growth ratio of 3.69 and a beta of 0.94. Cadence Design Systems has a 12 month low of $25.42 and a 12 month high of $45.64.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The business had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. During the same period in the previous year, the business earned $0.30 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. analysts predict that Cadence Design Systems will post 1.06 EPS for the current fiscal year.

In related news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $41.97, for a total transaction of $4,197,000.00. Following the transaction, the chief executive officer now directly owns 445,833 shares of the company’s stock, valued at $18,711,611.01. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John M. Wall sold 750 shares of Cadence Design Systems stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $43.83, for a total value of $32,872.50. Following the transaction, the chief financial officer now directly owns 110,823 shares in the company, valued at $4,857,372.09. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 380,974 shares of company stock worth $16,516,462. Company insiders own 2.55% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Caxton Associates LP grew its holdings in Cadence Design Systems by 0.6% during the second quarter. Caxton Associates LP now owns 15,900 shares of the software maker’s stock worth $532,000 after acquiring an additional 100 shares during the period. PNC Financial Services Group Inc. grew its holdings in Cadence Design Systems by 6.4% during the second quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock worth $338,000 after acquiring an additional 612 shares during the period. ETRADE Capital Management LLC grew its holdings in Cadence Design Systems by 5.0% during the second quarter. ETRADE Capital Management LLC now owns 18,909 shares of the software maker’s stock worth $633,000 after acquiring an additional 899 shares during the period. Commonwealth Bank of Australia grew its holdings 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 worth $161,000 after acquiring an additional 1,300 shares during the period. Finally, First Republic Investment Management Inc. grew its holdings in Cadence Design Systems by 7.1% during the third quarter. First Republic Investment Management Inc. now owns 22,584 shares of the software maker’s stock worth $892,000 after acquiring an additional 1,491 shares during the period. 84.63% of the stock is currently owned by hedge funds and other institutional investors.

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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).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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