Cadence Design Systems (NASDAQ:CDNS) had its price objective upped by Needham & Company LLC from $76.00 to $86.00 in a research report released on Thursday, The Fly reports. Needham & Company LLC currently has a buy rating on the software maker’s stock.
A number of other analysts have also weighed in on CDNS. Wells Fargo & Co raised their price objective on shares of Cadence Design Systems from $80.00 to $85.00 and gave the company an overweight rating in a research note on Thursday, February 6th. Zacks Investment Research lowered shares of Cadence Design Systems from a buy rating to a hold rating and set a $74.00 price objective for the company. in a research note on Tuesday, December 24th. Credit Suisse Group reiterated a neutral rating and issued a $75.00 price target (up from $70.00) on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. Finally, BidaskClub upgraded shares of Cadence Design Systems from a hold rating to a buy rating in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $82.00.
NASDAQ:CDNS traded down $0.49 on Thursday, reaching $78.76. 1,329,600 shares of the stock traded hands, compared to its average volume of 1,438,368. The company has a market capitalization of $20.94 billion, a price-to-earnings ratio of 51.82, a PEG ratio of 4.43 and a beta of 1.12. The company has a current ratio of 1.70, a quick ratio of 1.59 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 12 month low of $51.70 and a 12 month high of $79.68. The company’s fifty day simple moving average is $72.90 and its 200 day simple moving average is $69.02.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Wednesday, February 12th. The software maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $599.56 million during the quarter, compared to analyst estimates of $595.48 million. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. Cadence Design Systems’s revenue was up 5.2% compared to the same quarter last year. During the same period last year, the business earned $0.52 EPS. Equities analysts anticipate that Cadence Design Systems will post 1.51 EPS for the current fiscal year.
In other news, VP Aneel Zaman sold 44,363 shares of Cadence Design Systems stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $69.90, for a total value of $3,100,973.70. Following the completion of the sale, the vice president now directly owns 236,090 shares in the company, valued at $16,502,691. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James J. Cowie sold 1,242 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $76.31, for a total transaction of $94,777.02. Following the completion of the sale, the vice president now owns 103,530 shares of the company’s stock, valued at $7,900,374.30. The disclosure for this sale can be found here. Insiders sold 353,949 shares of company stock valued at $25,290,546 over the last quarter. Company insiders own 2.34% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Orion Portfolio Solutions LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $25,000. Shine Investment Advisory Services Inc. boosted its holdings in shares of Cadence Design Systems by 50.5% in the third quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock worth $30,000 after buying an additional 152 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $31,000. Prime Capital Investment Advisors LLC purchased a new position in shares of Cadence Design Systems in the third quarter worth approximately $35,000. Finally, Ancora Advisors LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $35,000. 85.90% of the stock is currently owned by institutional investors.
Cadence Design Systems Company Profile
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.
Further Reading: Cash Flow
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