According to Zacks, "Cadence Design Systems, Inc. provides comprehensive software and other technology and offers design and methodology services for the product development requirements of the world's leading electronics companies. Cadence licenses its leading-edge electronic design automation software and hardware technology and provides a range of services to companies throughout the world to help optimize their product development processes. "
CDNS has been the subject of several other reports. Benchmark Co. started coverage on shares of Cadence Design Systems in a research note on Thursday, October 8th. They set a "hold" rating and a $22.00 target price for the company. Needham & Company LLC boosted their price target on shares of Cadence Design Systems from $22.00 to $24.00 and gave the company a "buy" rating in a report on Tuesday, October 27th. Northland Securities boosted their price target on shares of Cadence Design Systems from $25.00 to $27.50 and gave the company an "outperform" rating in a report on Thursday, November 19th. Piper Jaffray reissued a "buy" rating and issued a $26.00 price target (up previously from $22.00) on shares of Cadence Design Systems in a report on Tuesday, October 27th. Finally, RBC Capital boosted their price target on shares of Cadence Design Systems from $23.00 to $25.00 and gave the company an "outperform" rating in a report on Tuesday, October 27th. Five a nalysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Cadence Design Systems presently has a consensus rating of "Buy" and a consensus target price of $24.65.
In related news, VP Chi-Ping Hsu sold 121,250 shares of the firm's stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $22.71, for a total value of $2,753,587.50. Following the completion of the transaction, the vice president now directly owns 183,078 shares of the company's stock, valued at $4,157,701.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction 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 disclosure for this sale can be found here.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 21.22 on Tuesday. The company has a market capitalization of $6.31 billion and a P/E ratio of 27.96. Cadence Design Systems has a 12 month low of $16.52 and a 12 month high of $23.30. The company has a 50-day moving average of $21.74 and a 200 day moving average of $20.95.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 26th. The company reported $0.28 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.26 by $0.02. The company had revenue of $434 million for the quarter, compared to analyst estimates of $429.40 million. Analysts forecast that Cadence Design Systems will post $1.07 EPS for the current year.
A hedge fund recently raised its stake in Cadence Design Systems stock. Eagle Asset Management boosted its position in Cadence Design Systems Inc (NASDAQ:CDNS) by 104.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,145,602 shares of the company's stock after buying an additional 1,608,315 shares during the period. Eagle Asset Management owned 1.06% of Cadence Design Systems worth $65,050,000 as of its most recent SEC filing.
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 (CDNS) Stock Rating Lowered by Zacks Investment Research
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