BidaskClub upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a sell rating to a hold rating in a research note published on Friday.
A number of other analysts have also recently commented on CDNS. Benchmark upgraded Cadence Design Systems from a hold rating to a buy rating and set a $51.00 price target for the company in a research report on Tuesday, October 23rd. Zacks Investment Research upgraded Cadence Design Systems from a hold rating to a strong-buy rating and set a $54.00 price target for the company in a research report on Thursday, October 25th. Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, November 20th. They issued a hold rating and a $50.00 price target for the company. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from an underweight rating to a neutral rating and upped their price target for the stock from $49.00 to $51.00 in a research report on Tuesday, October 23rd. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Cadence Design Systems currently has an average rating of Buy and an average price target of $50.75.
Cadence Design Systems stock opened at $43.54 on Friday. The firm has a market cap of $12.02 billion, a P/E ratio of 41.08, a PEG ratio of 3.05 and a beta of 1.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58. Cadence Design Systems has a one year low of $35.49 and a one year high of $47.40.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 22nd. The software maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.08. The company had revenue of $532.47 million during the quarter, compared to analysts’ expectations of $516.50 million. Cadence Design Systems had a return on equity of 28.44% and a net margin of 11.25%. Cadence Design Systems’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 earnings per share. As a group, research analysts anticipate that Cadence Design Systems will post 1.16 earnings per share for the current year.
In other news, CEO Lip Bu Tan sold 5,469 shares of the company’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $46.10, for a total value of $252,120.90. Following the completion of the transaction, the chief executive officer now owns 424,566 shares of the company’s stock, valued at $19,572,492.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Aneel Zaman sold 32,995 shares of the company’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $44.46, for a total value of $1,466,957.70. Following the completion of the transaction, the insider now directly owns 202,927 shares of the company’s stock, valued at approximately $9,022,134.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 213,471 shares of company stock valued at $9,763,272. Company insiders own 2.28% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Xact Kapitalforvaltning AB boosted its stake in shares of Cadence Design Systems by 11.5% in the second quarter. Xact Kapitalforvaltning AB now owns 34,984 shares of the software maker’s stock worth $1,515,000 after acquiring an additional 3,600 shares during the period. Unigestion Holding SA bought a new position in shares of Cadence Design Systems in the second quarter worth about $616,000. Conning Inc. bought a new position in shares of Cadence Design Systems in the second quarter worth about $217,000. Alps Advisors Inc. boosted its stake in shares of Cadence Design Systems by 44.4% in the second quarter. Alps Advisors Inc. now owns 28,022 shares of the software maker’s stock worth $1,172,000 after acquiring an additional 8,613 shares during the period. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Cadence Design Systems in the second quarter worth about $3,059,000. 88.26% of the stock is owned by hedge funds and other institutional investors.
Cadence Design Systems Company Profile
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.
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