Shares of Cadence Design Systems Inc (NASDAQ:CDNS) have been assigned an average rating of "Buy" from the eleven analysts that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $24.50.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 20.81 on Wednesday. The company has a 50-day moving average of $21.69 and a 200-day moving average of $20.95. Cadence Design Systems has a 1-year low of $16.52 and a 1-year high of $23.30. The company has a market cap of $6.19 billion and a PE ratio of 27.42.
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 consensus estimate of $0.26 by $0.02. The firm earned $434 million during the quarter, compared to the consensus estimate of $429.40 million. Equities analysts forecast that Cadence Design Systems will post $1.07 EPS for the current year.
CDNS has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Cadence Design Systems from a "hold" rating to a "strong-buy" rating and set a $26.00 target price on the stock in a report on Friday, October 30th. Needham & Company LLC raised their target price 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. Benchmark Co. initiated coverage on shares of Cadence Design Systems in a report on Thursday, October 8th. They issued a "hold" rating and a $22.00 target price on the stock. Piper Jaffray reissued a "buy" rating and issued a $26.00 target price (up from $22.00) on shares of Cadence Design Systems in a report on Tuesday, October 27th. Finally, Northland Securities raised their target price 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.
In other news, VP James J. Cowie sold 65,000 shares of the business's stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $21.38, for a total value of $1,389,700.00. Following the transaction, the vice president now owns 40,833 shares in the company, valued at approximately $873,009.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Chi-Ping Hsu sold 121,250 shares of the business's stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $22.71, for a total transaction of $2,753,587.50. Following the completion of the transaction, the vice president now owns 183,078 shares in the company, valued at approximately $4,157,701.38. The disclosure for this sale can be found here.
An institutional investor recently raised its position 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 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 about 1.06% of Cadence Design Systems worth $65,050,000 at the end of the most recent quarter.
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 Target Price from Brokerages
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