Cadence Design Syste Given Buy Rating at Griffin Securities (CDNS)
Cadence Design Syste (NASDAQ: CDNS)‘s stock had its “buy” rating reaffirmed by research analysts at Griffin Securities in a report released on Tuesday. They currently have a $16.00 target price on the stock.
Shares of Cadence Design Syste traded down 3.02% during mid-day trading on Tuesday, hitting $14.14. Cadence Design Syste has a 52 week low of $9.73 and a 52 week high of $14.81. The stock’s 50-day moving average is currently $14.17. The company has a market cap of $3.983 billion and a P/E ratio of 9.29.
Cadence Design Syste last posted its quarterly earnings results on Wednesday, January 30th. The company reported $0.20 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.20. The company had revenue of $346.00 million for the quarter, compared to the consensus estimate of $340.70 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. Cadence Design Syste has set its Q1 guidance at $0.19-0.20 EPS and its FY12 guidance at $0.82-0.92 EPS. On average, analysts predict that Cadence Design Syste will post $0.89 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at DA Davidson downgraded shares of Cadence Design Syste from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday. Analysts at Zacks downgraded shares of Cadence Design Syste to a “neutral” rating in a research note to investors on Tuesday, February 5th. They now have a $14.20 price target on the stock.
Seven equities research analysts have rated the stock with a buy rating, and two have issued a hold rating to the company. The stock presently has a consensus rating of “buy” and an average target price of $16.56.
Cadence Design Systems, Inc. (Cadence) develops electronic design automation (EDA), software and hardware.
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