Cadence Design Systems Inc (NASDAQ:CDNS) has received a consensus rating of "Buy" from the eleven brokerages that are presently covering the company, Market Beat reports. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $24.50.
Several brokerages have recently weighed in on CDNS. Piper Jaffray reiterated a "buy" rating and issued a $26.00 price objective (up previously from $22.00) on shares of Cadence Design Systems in a research note on Tuesday, October 27th. Zacks Investment Research upgraded shares of Cadence Design Systems from a "hold" rating to a "buy" rating and set a $21.00 price objective on the stock in a research note on Wednesday. Northland Securities raised their target price on shares of Cadence Design Systems from $25.00 to $27.50 and gave the stock an "outperform" rating in a research note on Thursday, November 19th. RBC Capital raised their target price on shares of Cadence Design Systems from $23.00 to $25.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 27th. Finally, Topeka Capital Markets raised their target price on shares of Cadence Design Systems from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, October 27th.
In related news, Director Vincentelli Albert Sangiovanni sold 25,000 shares of the firm's stock in a transaction on Tuesday, December 1st. The shares were sold at an average price of $22.30, for a total value of $557,500.00. Following the completion of the transaction, the director now directly owns 55,399 shares of the company's stock, valued at $1,235,397.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Roger S. Siboni sold 13,571 shares of the firm's stock in a transaction on Monday, January 4th. The shares were sold at an average price of $20.42, for a total transaction of $277,119.82. Following the completion of the transaction, the director now directly owns 29,906 shares of the company's stock, valued at $610,680.52. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have bought and sold shares of the company. Eagle Asset Management raised its position in Cadence Design Systems by 104.6% in the third quarter. Eagle Asset Management now owns 3,145,602 shares of the company's stock worth $65,050,000 after buying an additional 1,608,315 shares during the period. Assetmark acquired a new position in Cadence Design Systems during the third quarter worth $0. Beacon Capital Management acquired a new position in Cadence Design Systems during the fourth quarter worth $0. Simplex Trading raised its position in Cadence Design Systems by 50.0% in the fourth quarter. Simplex Trading now owns 3 shares of the company's stock worth $0 after buying an additional 1 shares during the period. Finally, Boston Advisors raised its position in Cadence Design Systems by 354.5% in the fourth quarter. Boston Advisors now owns 563,350 shares of the company's stock worth $11,723,000 after buying an additional 439,400 shares during the period.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 19.56 on Monday. Cadence Design Systems has a 52 week low of $16.52 and a 52 week high of $23.30. The stock has a market cap of $5.82 billion and a PE ratio of 25.77. The stock has a 50 day moving average of $20.15 and a 200-day moving average of $20.90.
Cadence Design Systems, Inc. (NASDAQ:CDNS) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company's SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP) verification IP (VIP) and design IP. The Company provides maintenance for its software, emulation hardware and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for ICs and development of custom IP. The company's customers include electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market segments, such as mobile and consumer devices, communications, cloud and data center infrastructure, medical systems and other devices.
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Source: Cadence Design Systems Inc (NASDAQ:CDNS) Receives $24.50 Consensus PT from Analysts