Cadence Design Systems (CDNS) Lifted to Buy at BidaskClub

Share on StockTwits

BidaskClub upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a buy rating in a research report report published on Tuesday.

A number of other analysts also recently weighed in on the company. DA Davidson boosted their target price on Cadence Design Systems to $52.00 and gave the stock a buy rating in a research report on Tuesday, July 24th. Griffin Securities boosted their target price on Cadence Design Systems from $50.00 to $52.00 and gave the stock a buy rating in a research report on Tuesday, July 24th. Needham & Company LLC boosted their price objective on Cadence Design Systems from $47.00 to $50.00 and gave the company a buy rating in a research report on Tuesday, July 24th. Credit Suisse Group boosted their price objective on Cadence Design Systems from $44.00 to $46.00 and gave the company a neutral rating in a research report on Tuesday, July 24th. Finally, JPMorgan Chase & Co. boosted their price objective on Cadence Design Systems from $42.00 to $49.00 and gave the company a market perform rating in a research report on Tuesday, July 24th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $48.43.

NASDAQ:CDNS opened at $47.06 on Tuesday. The company has a market capitalization of $13.27 billion, a P/E ratio of 42.26, a PEG ratio of 3.92 and a beta of 1.14. Cadence Design Systems has a 1-year low of $35.49 and a 1-year high of $47.38. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 0.29.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 23rd. The software maker reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.05. The company had revenue of $518.40 million during the quarter, compared to the consensus estimate of $514.94 million. Cadence Design Systems had a return on equity of 28.38% and a net margin of 10.62%. Cadence Design Systems’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS. equities analysts forecast that Cadence Design Systems will post 1 EPS for the current fiscal year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $45.14, for a total value of $4,514,000.00. Following the completion of the sale, the chief executive officer now owns 552,813 shares in the company, valued at $24,953,978.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 750 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $44.14, for a total value of $33,105.00. Following the transaction, the chief financial officer now directly owns 119,274 shares in the company, valued at $5,264,754.36. The disclosure for this sale can be found here. Insiders sold 309,000 shares of company stock valued at $13,944,605 in the last quarter. Corporate insiders own 2.55% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Fort L.P. purchased a new position in shares of Cadence Design Systems during the second quarter valued at approximately $119,000. Signaturefd LLC increased its stake in shares of Cadence Design Systems by 160.0% during the second quarter. Signaturefd LLC now owns 4,573 shares of the software maker’s stock valued at $198,000 after buying an additional 2,814 shares during the period. Conning Inc. purchased a new position in shares of Cadence Design Systems during the second quarter valued at approximately $217,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $204,000. Finally, Intact Investment Management Inc. purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $206,000. 87.41% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

Further Reading: Marijuana Stocks

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply