Cadence Design Systems Inc. (NASDAQ:CDNS) hit a new 52-week high on Tuesday . The company traded as high as $25.92 and last traded at $25.90, with a volume of 871,598 shares traded. The stock had previously closed at $25.66.

A number of brokerages have recently weighed in on CDNS. Zacks Investment Research upgraded Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Monday, April 25th. Royal Bank Of Canada began coverage on Cadence Design Systems in a research report on Monday, June 6th. They issued an “outperform” rating and a $29.00 price objective on the stock. Needham & Company LLC lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. They noted that the move was a valuation call. Topeka Capital Markets lifted their price objective on Cadence Design Systems from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, April 26th. Finally, DA Davidson cut Cadence Design Systems from a “buy” rating to a “neutral” rating and set a $25.00 target price for the company. in a research note on Wednesday, April 6th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Cadence Design Systems has an average rating of “Buy” and a consensus price target of $25.55.

The company has a market capitalization of $7.78 billion and a price-to-earnings ratio of 30.0447. The stock’s 50-day moving average price is $24.64 and its 200 day moving average price is $22.70.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 25th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The company had revenue of $448 million for the quarter, compared to analysts’ expectations of $444.73 million. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. On average, equities analysts forecast that Cadence Design Systems Inc. will post $1.21 EPS for the current fiscal year.

In other news, VP Chi-Ping Hsu sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $25.60, for a total transaction of $96,000.00. Following the transaction, the vice president now owns 253,214 shares of the company’s stock, valued at $6,482,278.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP James J. Cowie sold 3,121 shares of the company’s stock in a transaction that occurred on Tuesday, July 5th. The shares were 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 in the company, valued at approximately $2,402,792.18. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have added to or reduced their stakes in CDNS. Cornerstone Capital Management Holdings LLC. boosted its position in Cadence Design Systems by 29.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 640,807 shares of the company’s stock worth $13,335,000 after buying an additional 144,938 shares in the last quarter. Morgan Stanley boosted its position in Cadence Design Systems by 51.6% in the fourth quarter. Morgan Stanley now owns 1,068,125 shares of the company’s stock worth $22,228,000 after buying an additional 363,717 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in Cadence Design Systems by 2.2% in the fourth quarter. Mutual of America Capital Management LLC now owns 198,488 shares of the company’s stock worth $4,131,000 after buying an additional 4,343 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in 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 in the last quarter. Finally, GSA Capital Partners LLP boosted its position in Cadence Design Systems by 281.8% in the fourth quarter. GSA Capital Partners LLP now owns 144,026 shares of the company’s stock worth $2,997,000 after buying an additional 106,303 shares in the last quarter.

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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