Cadence Design Systems Inc. (CDNS) Hits New 1-Year High at $25.68
Cadence Design Systems Inc. (NASDAQ:CDNS)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $25.68 and last traded at $25.57, with a volume of 1,114,603 shares traded. The stock had previously closed at $25.38.
CDNS has been the topic of a number of recent analyst reports. DA Davidson cut Cadence Design Systems from a “buy” rating to a “neutral” rating and set a $25.00 target price on the stock. in a report on Wednesday, April 6th. Zacks Investment Research cut Cadence Design Systems from a “hold” rating to a “sell” rating in a report on Tuesday, April 5th. Topeka Capital Markets raised their target price on Cadence Design Systems from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, April 26th. Needham & Company LLC cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, June 14th. They noted that the move was a valuation call. Finally, Royal Bank Of Canada initiated coverage on Cadence Design Systems in a report on Monday, June 6th. They set an “outperform” rating and a $29.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Buy” and a consensus target price of $25.55.
The firm has a market cap of $7.70 billion and a price-to-earnings ratio of 29.73. The firm’s 50-day moving average is $24.54 and its 200-day moving average is $22.54.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 25th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. During the same period last year, the firm posted $0.23 EPS. The business had revenue of $448 million for the quarter, compared to analyst estimates of $444.73 million. Cadence Design Systems’s quarterly revenue was up 8.9% on a year-over-year basis. On average, equities analysts forecast that Cadence Design Systems Inc. will post $1.21 earnings per share for the current fiscal year.
In other news, CEO Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $24.39, for a total transaction of $3,658,500.00. Following the completion of the transaction, the chief executive officer now owns 637,498 shares of the company’s stock, valued at approximately $15,548,576.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP James J. Cowie sold 3,121 shares of the business’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $24.23, for a total value of $75,621.83. Following the transaction, the vice president now directly owns 99,166 shares of the company’s stock, valued at approximately $2,402,792.18. The disclosure for this sale can be found here.
Other institutional investors have recently modified their holdings of the company. Globeflex Capital L P purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $1,108,000. Advisors Asset Management Inc. boosted its position in shares of Cadence Design Systems by 189.4% in the fourth quarter. Advisors Asset Management Inc. now owns 59,000 shares of the company’s stock worth $1,228,000 after buying an additional 38,613 shares during the last quarter. Numeric Investors LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $1,771,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Cadence Design Systems by 2.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 86,252 shares of the company’s stock worth $1,795,000 after buying an additional 2,134 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of Cadence Design Systems during the fourth quarter worth about $2,077,000.
Cadence Design Systems, Inc (Cadence) 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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