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. "
Other equities 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 stock a "buy" rating in a report on Tuesday, October 27th. RBC Capital raised their price target 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 raised their price target 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 reaffirmed a "buy" rating and set a $26.00 price target (up from $22.00) on shares of Cadence Design Systems in a report on Tuesday, October 27th. Finally, Needham & Company LLC raised their price target on Cadence Design Systems from $22.00 to $24.00 and gave the company a "buy" rating in a report on Tuesday, October 27th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Cadence Design Systems currently has a consensus rating of "Buy" and a consensus target price of $24.15.
In other news, Director Roger S. Siboni sold 13,571 shares of the firm's stock in a transaction on Monday, January 4th. The stock was sold at an average price of $20.42, for a total value of $277,119.82. Following the transaction, the director now directly owns 29,906 shares in the company, valued at approximately $610,680.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 25,000 shares of the firm's stock in a transaction on Tuesday, December 1st. The stock was 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 owns 55,399 shares in the company, valued at $1,235,397.70. The disclosure for this sale can be found here.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded down 0.10% during midday trading on Thursday, hitting $19.54. The stock had a trading volume of 3,425,226 shares. The stock has a market capitalization of $5.81 billion and a price-to-earnings ratio of 25.74. The stock has a 50 day moving average price of $20.10 and a 200-day moving average price of $20.92. Cadence Design Systems has a 52 week low of $16.52 and a 52 week high of $23.30.
Other hedge funds and institutional investors recently bought and sold shares of the company. 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 valued at $0 after buying an additional 1 shares in the last quarter. Beacon Capital Management bought a new position in Cadence Design Systems during the fourth quarter valued at about $0. Assetmark bought a new position in Cadence Design Systems during the third quarter valued at about $0. World Asset Management Inc raised its position in Cadence Design Systems by 7.1% in the fourth quarter. World Asset Management Inc now owns 14,695 shares of the company's stock valued at $306,000 after buying an additional 972 shares in the last quarter. Finally, Tocqueville Asset Management L.P. raised its position in Cadence Design Systems by 4.5% in the fourth quarter. Tocqueville Asset Management L.P. now owns 23,000 shares of the compa ny's stock valued at $479,000 after buying an additional 1,000 shares in the last 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 (CDNS) Stock Rating Lowered by Zacks Investment Research
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