Cadence Design Systems Inc. (CDNS) Sets New 52-Week High at $25.92
Cadence Design Systems Inc. (NASDAQ:CDNS)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $25.92 and last traded at $25.90, with a volume of 871,598 shares trading hands. The stock had previously closed at $25.66.
Several research firms have recently commented on CDNS. Zacks Investment Research raised Cadence Design Systems from a “sell” rating to a “hold” rating in a report on Monday, April 25th. Royal Bank Of Canada assumed coverage on Cadence Design Systems in a research report on Monday, June 6th. They issued an “outperform” rating and a $29.00 target price for the company. Needham & Company LLC downgraded 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 upped their target price 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 price target on the stock. in a report on Wednesday, April 6th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $25.55.
The stock has a 50-day moving average of $24.72 and a 200-day moving average of $22.75. The firm has a market capitalization of $7.86 billion and a PE ratio of 30.33.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 25th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.01. The business earned $448 million during the quarter, compared to analyst estimates of $444.73 million. The company’s revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 earnings per share. On average, equities research analysts expect that Cadence Design Systems Inc. will post $1.21 EPS for the current fiscal year.
In related news, VP Chi-Ping Hsu sold 3,750 shares of the stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $25.60, for a total transaction of $96,000.00. Following the transaction, the vice president now directly owns 253,214 shares of the company’s stock, valued at $6,482,278.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Lip Bu Tan sold 150,000 shares of the 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 transaction, the chief executive officer now directly owns 637,498 shares in the company, valued at $15,548,576.22. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of Cadence Design Systems by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,070,564 shares of the company’s stock valued at $22,281,000 after buying an additional 28,256 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $2,077,000. Advisors Asset Management Inc. raised 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 valued at $1,228,000 after buying an additional 38,613 shares in the last quarter. Globeflex Capital L P bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $1,108,000. Finally, Marshall Wace LLP bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $2,243,000.
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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