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 also recently commented on the stock. Needham & Company LLC upgraded shares of Cadence Design Systems from a hold rating to a buy rating in a research note on Thursday, February 4th. Northland Securities restated an outperform rating and issued a $27.50 target price on shares of Cadence Design Systems in a research note on Tuesday, January 19th. JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $21.00 to $22.00 and gave the stock a neutral rating in a research note on Thursday, February 4th. Finally, DA Davidson downgraded shares of Cadence Design Systems from a buy rating to a neutral rating and set a $25.00 target price on the stock. in a research note on Wednesday, April 6th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $25.15.
In related news, CEO Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Friday, April 15th. The shares were sold at an average price of $23.40, for a total transaction of $3,510,000.00. Following the completion of the sale, the chief executive officer now owns 637,498 shares of the company's stock, valued at $14,917,453.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James J. Cowie sold 3,121 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $23.60, for a total transaction of $73,655.60. Following the sale, the vice president now directly owns 99,166 shares of the company's stock, valued at approximately $2,340,317.60. The disclosure for this sale can be found here.
A number of large investors have recently bought and sold shares of the stock. Assetmark purchased a new stake in Cadence Design Systems during the third quarter worth approximately $0. Boston Advisors boosted its stake in Cadence Design Systems by 354.5% in the fourth quarter. Boston Advisors now owns 563,350 shares of the company's stock worth $11,723,000 after buying an additional 439,400 shares during the last quarter. Capital One National Association boosted its stake in Cadence Design Systems by 0.5% in the fourth quarter. Capital One National Association now owns 94,469 shares of the company's stock worth $1,966,000 after buying an additional 473 shares during the last quarter. HL Financial Services LLC purchased a new stake in Cadence Design Systems during the fourth quarter worth approximately $2,911,000. Finally, Wright Investors Service Inc. boosted its stake in Cadence Design Systems by 20.6% in the fourth quarter. Wright Investors Service Inc. now owns 57 ,966 shares of the company's stock worth $1,206,000 after buying an additional 9,882 shares during the last quarter.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded down 1.16% on Monday, reaching $23.08. The company's stock had a trading volume of 535,268 shares. The stock has a 50 day moving average of $23.26 and a 200-day moving average of $21.65. The firm has a market cap of $7.05 billion and a price-to-earnings ratio of 28.49. Cadence Design Systems has a 12 month low of $18.13 and a 12 month high of $23.89.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 25th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. During the same quarter in the previous year, the company posted $0.23 earnings per share. The firm had revenue of $448 million for the quarter, compared to the consensus estimate of $444.73 million. The business's revenue for the quarter was up 8.9% on a year-over-year basis. On average, analysts anticipate that Cadence Design Systems will post $1.21 EPS for the current year.
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.
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Source: Cadence Design Systems Inc (CDNS) Raised to "Hold" at Zacks Investment Research
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