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. "
A number of other equities analysts have also recently commented on the company. Northland Securities reissued an outperform rating and set a $27.50 price target on shares of Cadence Design Systems in a report on Tuesday, January 19th. Piper Jaffray reissued a buy rating and set a $26.00 price target (up previously from $22.00) on shares of Cadence Design Systems in a report on Tuesday, October 27th. Needham & Company LLC boosted their price target on Cadence Design Systems from $22.00 to $24.00 and gave the stock a buy rating in a report on Tuesday, October 27th. Topeka Capital Markets boosted their price target on Cadence Design Systems from $23.00 to $25.00 and gave the stock a buy rating in a report on Tuesday, October 27th. Finally, RBC Capital boosted their price target on Cadence Design Systems from $23.00 to $25.00 and gave the stock an outperform rating in a report on Tuesday, October 27th. Four investment analysts have rated the stock with a hold rating and seven h ave assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $24.15.
In related news, Director Roger S. Siboni sold 13,571 shares of the company's stock in a transaction dated Monday, January 4th. The stock was sold at an average price of $20.42, for a total transaction of $277,119.82. Following the sale, the director now owns 29,906 shares in the company, valued at approximately $610,680.52. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 25,000 shares of the company's stock in a transaction dated Tuesday, December 1st. The shares were sold at an average price of $22.30, for a total value of $557,500.00. Following the sale, the director now owns 55,399 shares in the company, valued at approximately $1,235,397.70. The disclosure for this sale can be found here.
Several large investors have made changes to their positions in CDNS. Eagle Asset Management raised its stake in shares of Cadence Design Systems by 104.6% in the third quarter. Eagle Asset Management now owns 3,145,602 shares of the company's stock valued at $65,050,000 after buying an additional 1,608,315 shares during the last quarter. Frontier Capital Management Co. LLC raised its stake in shares of Cadence Design Systems by 94.6% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,711,109 shares of the company's stock valued at $77,228,000 after buying an additional 1,804,110 shares during the last quarter. Cookson Peirce & Co. Inc. raised its stake in shares of Cadence Design Systems by 3,626.6% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 503,840 shares of the company's stock valued at $10,485,000 after buying an additional 490,320 shares during the last quarter. Russell Frank Co raised its stake in shares of Cadence Desig n Systems by 388.6% in the fourth quarter. Russell Frank Co now owns 431,077 shares of the company's stock valued at $9,147,000 after buying an additional 342,849 shares during the last quarter. Finally, Wright Investors Service Inc. raised its stake in shares of Cadence Design Systems by 20.6% in the fourth quarter. Wright Investors Service Inc. now owns 57,966 shares of the company's stock valued at $1,206,000 after buying an additional 9,882 shares during the last quarter.
Cadence Design Systems (NASDAQ:CDNS) traded down 2.38% during midday trading on Wednesday, hitting $18.84. The stock had a trading volume of 3,167,398 shares. The stock has a market capitalization of $5.60 billion and a price-to-earnings ratio of 24.82. The company's 50 day moving average price is $20.34 and its 200-day moving average price is $20.93. Cadence Design Systems has a 52 week low of $16.52 and a 52 week high of $23.30.
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) Upgraded by Zacks Investment Research to "Buy"
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