Several other equities analysts have also recently issued reports on CDNS. DA Davidson raised their price objective on Cadence Design Systems from $120.00 to $130.00 and gave the stock a buy rating in a research note on Tuesday, October 20th. Royal Bank of Canada raised their price objective on Cadence Design Systems from $122.00 to $127.00 and gave the stock an outperform rating in a research note on Tuesday, October 20th. Needham & Company LLC increased their target price on Cadence Design Systems from $115.00 to $126.00 and gave the stock a buy rating in a research report on Tuesday, October 20th. UBS Group raised their price target on Cadence Design Systems from $91.00 to $125.00 and gave the company a neutral rating in a report on Wednesday, October 14th. Finally, Wells Fargo & Company raised their price target on Cadence Design Systems from $120.00 to $135.00 and gave the company an overweight rating in a report on Tuesday, October 20th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $113.00.
Cadence Design Systems stock opened at $134.12 on Monday. The stock has a market cap of $37.41 billion, a P/E ratio of 34.84, a price-to-earnings-growth ratio of 4.47 and a beta of 1.05. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $126.69 and a 200-day moving average of $112.36. Cadence Design Systems has a 52 week low of $51.39 and a 52 week high of $138.54.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 19th. The software maker reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.09. Cadence Design Systems had a return on equity of 48.31% and a net margin of 42.68%. The company had revenue of $667.00 million during the quarter, compared to analysts’ expectations of $642.29 million. During the same period in the prior year, the business posted $0.54 EPS. The business’s revenue was up 15.2% on a year-over-year basis. As a group, equities analysts predict that Cadence Design Systems will post 2.02 earnings per share for the current fiscal year.
In related news, Director John B. Shoven sold 20,000 shares of the stock in a transaction on Monday, January 4th. The stock was sold at an average price of $137.55, for a total value of $2,751,000.00. Following the completion of the transaction, the director now owns 2,793 shares in the company, valued at approximately $384,177.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 25,000 shares of the stock in a transaction on Tuesday, December 1st. The shares were sold at an average price of $115.54, for a total value of $2,888,500.00. Following the completion of the transaction, the director now owns 105,290 shares of the company’s stock, valued at approximately $12,165,206.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 98,782 shares of company stock worth $11,812,799. 2.58% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in CDNS. Patriot Financial Group Insurance Agency LLC bought a new stake in Cadence Design Systems in the third quarter valued at about $28,000. JJJ Advisors Inc. bought a new position in Cadence Design Systems during the third quarter valued at $30,000. Newfound Research LLC bought a new position in Cadence Design Systems during the third quarter valued at $38,000. CX Institutional grew its holdings in Cadence Design Systems by 52.1% during the fourth quarter. CX Institutional now owns 365 shares of the software maker’s stock valued at $50,000 after purchasing an additional 125 shares during the period. Finally, NuWave Investment Management LLC purchased a new stake in shares of Cadence Design Systems during the third quarter worth $53,000. Institutional investors and hedge funds own 83.86% of the company’s stock.
About Cadence Design Systems
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 logic simulation platform; Palladium, an emulation platform; and Protium, a prototyping platform for chip verification.
Further Reading: Margin
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