A number of other brokerages also recently issued reports on CDNS. Zacks Investment Research downgraded Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday, March 1st. DA Davidson raised Cadence Design Systems from a neutral rating to a buy rating and increased their target price for the stock from $22.00 to $25.00 in a research note on Thursday, February 4th. They noted that the move was a valuation call. Northland Securities cut their target price on Cadence Design Systems from $27.50 to $26.50 in a research note on Thursday, February 4th. JPMorgan Chase & Co. increased their target price on 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, 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 assigned a bu y rating to the company. The company has a consensus rating of Buy and a consensus price target of $25.15.
In other news, VP James J. Cowie sold 32,500 shares of the firm's stock in a transaction on Monday, March 14th. The stock was sold at an average price of $22.69, for a total transaction of $737,425.00. Following the sale, the vice president now owns 131,666 shares in the company, valued at $2,987,501.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP James J. Cowie sold 3,121 shares of the firm's stock in a transaction on Monday, April 4th. The stock was sold at an average price of $23.60, for a total value of $73,655.60. Following the sale, the vice president now owns 99,166 shares in the company, valued at approximately $2,340,317.60. The disclosure for this sale can be found here.
Other large investors have bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in Cadence Design Systems by 19.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 19,239,644 shares of the company's stock valued at $400,377,000 after buying an additional 3,197,684 shares during the period. Norges Bank acquired a new stake in Cadence Design Systems during the fourth quarter valued at about $49,412,000. Frontier Capital Management Co. LLC boosted its stake in 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. AJO LP acquired a new stake in Cadence Design Systems during the fourth quarter valued at about $30,154,000. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in Cadence Design Systems by 139.3% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 2,137,537 shares of the company's stock valued at $44,482,000 after buying an additional 1,244,237 shares during the period.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded down 0.64% during midday trading on Tuesday, reaching $23.20. The company's stock had a trading volume of 726,237 shares. The stock's 50-day moving average price is $23.26 and its 200-day moving average price is $21.65. Cadence Design Systems has a 12-month low of $18.13 and a 12-month high of $23.89. The company has a market cap of $7.08 billion and a P/E ratio of 28.64.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 25th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.01. During the same period last year, the company posted $0.23 earnings per share. The business had revenue of $448 million for the quarter, compared to analysts' expectations of $444.73 million. The business's quarterly revenue was up 8.9% on a year-over-year basis. On average, analysts expect that Cadence Design Systems will post $1.21 EPS for the current fiscal 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: Topeka Capital Markets Raises Cadence Design Systems Inc (CDNS) Price Target to $27.00
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