DA Davidson Upgrades Cadence Design Systems Inc. (CDNS) to Buy
Cadence Design Systems Inc. (NASDAQ:CDNS) was upgraded by research analysts at DA Davidson from a “neutral” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $30.00 price target on the stock, up from their prior price target of $25.00. DA Davidson’s price target indicates a potential upside of 16.89% from the company’s previous close.
A number of other brokerages also recently commented on CDNS. RBC Capital Markets restated an “outperform” rating and set a $29.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 26th. Bank of America Corp. restated a “buy” rating and set a $30.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 26th. Finally, Needham & Company LLC downgraded 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. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $26.75.
Cadence Design Systems (NASDAQ:CDNS) opened at 25.66 on Monday. The stock has a market capitalization of $7.50 billion, a P/E ratio of 30.40 and a beta of 1.14. The firm’s 50-day moving average is $25.26 and its 200-day moving average is $24.51. Cadence Design Systems has a 12-month low of $18.32 and a 12-month high of $26.45.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 25th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company earned $453 million during the quarter, compared to the consensus estimate of $449.54 million. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.27 earnings per share. Analysts predict that Cadence Design Systems will post $1.20 EPS for the current fiscal year.
In other news, Director George Scalise sold 5,000 shares of the stock in a transaction on Monday, September 12th. The stock was sold at an average price of $25.27, for a total value of $126,350.00. Following the sale, the director now directly owns 38,579 shares of the company’s stock, valued at $974,891.33. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Thomas P. Beckley sold 58,646 shares of the stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $25.00, for a total value of $1,466,150.00. Following the completion of the sale, the insider now directly owns 305,048 shares in the company, valued at $7,626,200. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Invictus RG boosted its stake in Cadence Design Systems by 625.9% in the second quarter. Invictus RG now owns 5,277 shares of the company’s stock valued at $128,000 after buying an additional 4,550 shares during the period. Daiwa Securities Group Inc. acquired a new stake in Cadence Design Systems during the second quarter valued at approximately $168,000. Mn Services Vermogensbeheer B.V. acquired a new stake in Cadence Design Systems during the second quarter valued at approximately $168,000. Penserra Capital Management LLC acquired a new stake in Cadence Design Systems during the second quarter valued at approximately $169,000. Finally, Strs Ohio acquired a new stake in Cadence Design Systems during the second quarter valued at approximately $183,000. 85.57% of the stock is currently owned by hedge funds and other institutional investors.
About Cadence Design Systems
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.
Receive News & Ratings for Cadence Design Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.