The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. During the same quarter in the prior year, the company earned $0.23 EPS. The firm earned $448 million during the quarter, compared to analyst estimates of $444.73 million. The business's revenue was up 8.9% on a year-over-year basis.
A number of research firms recently weighed in on CDNS. Topeka Capital Markets upped their price target on Cadence Design Systems from $25.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday. Zacks Investment Research cut Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, January 28th. DA Davidson upgraded Cadence Design Systems from a "neutral" rating to a "buy" rating and upped their price target for the stock from $22.00 to $25.00 in a report on Thursday, February 4th. They noted that the move was a valuation call. JPMorgan Chase & Co. upped their target price on Cadence Design Systems from $21.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, February 4th. Finally, Needham & Company LLC raised Cadence Design Systems from a "hold" rating to a "buy" rating in a research note on Thursday, February 4th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of "Buy" and an average price target of $25.15.
In related news, CEO Lip Bu Tan sold 150,000 shares of the stock in a transaction on Friday, April 15th. The stock was sold at an average price of $23.40, for a total value of $3,510,000.00. Following the transaction, the chief executive officer now directly owns 637,498 shares of the company's stock, valued at approximately $14,917,453.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP James J. Cowie sold 32,500 shares of the stock in a transaction on Monday, March 14th. The stock was sold at an average price of $22.69, for a total value of $737,425.00. Following the completion of the transaction, the vice president now directly owns 131,666 shares in the company, valued at $2,987,501.54. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have recently modified their holdings of the company. Frontier Capital Management Co. LLC raised its position 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 period. HL Financial Services LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at $2,911,000. Hussman Strategic Advisors Inc. purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at $1,040,000. Capital One National Association raised its position in shares of Cadence Design Systems by 0.5% in the fourth quarter. Capital One National Association now owns 94,469 shares of the company's stock valued at $1,966,000 after buying an additional 473 shares during the period. Finally, Cookson Peirce & Co. In c. raised its position 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 period.
The firm has a 50-day moving average of $23.17 and a 200 day moving average of $21.62. The stock has a market cap of $7.19 billion and a price-to-earnings ratio of 29.05.
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) Sees Large Volume Increase on Earnings Beat
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