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. "
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 20.81 on Tuesday. The firm has a 50-day moving average price of $21.69 and a 200-day moving average price of $20.95. Cadence Design Systems has a one year low of $16.52 and a one year high of $23.30. The company has a market capitalization of $6.19 billion and a P/E ratio of 27.42.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 26th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $434 million for the quarter, compared to analysts' expectations of $429.40 million. Equities analysts forecast that Cadence Design Systems will post $1.07 earnings per share for the current year.
Other equities research analysts have also recently issued reports about the company. Topeka Capital Markets increased their target price on Cadence Design Systems from $23.00 to $25.00 and gave the company a buy rating in a report on Tuesday, October 27th. RBC Capital increased their target price on Cadence Design Systems from $23.00 to $25.00 and gave the company an outperform rating in a report on Tuesday, October 27th. Northland Securities increased their target price on Cadence Design Systems from $24.00 to $25.00 and gave the company an outperform rating in a report on Tuesday, October 27th. 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 report on Tuesday, October 27th. Finally, Needham & Company LLC increased their price objective on Cadence Design Systems from $22.00 to $24.00 and gave the stock a buy rating in a report on Tuesday, October 27th. Five equities research analy sts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $24.65.
In other Cadence Design Systems news, 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 sale, the vice president now directly owns 183,078 shares of the company's stock, valued at $4,157,701.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas P. Beckley sold 2,400 shares of the business's stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $21.50, for a total value of $51,600.00. Following the sale, the vice president now directly owns 92,519 shares in the company, valued at $1,989,158.50. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Cadence Design Systems stock. Eagle Asset Management raised its position in shares of Cadence Design Systems Inc (NASDAQ:CDNS) by 104.6% during the third quarter, according to its most recent filing with the SEC. The firm 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 approximately 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: Zacks Investment Research Lowers Cadence Design Systems Inc (CDNS) to Hold
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