Cadence Design Systems Inc. (CDNS) Shares Down 5.2%
Cadence Design Systems Inc. (NASDAQ:CDNS) shares were down 5.2% during mid-day trading on Tuesday . The stock traded as low as $24.69 and last traded at $24.76, with a volume of 2,969,734 shares traded. The stock had previously closed at $26.13.
Several research analysts have recently issued reports on CDNS shares. 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. Bank of America Corp. reissued a “buy” rating and issued a $30.00 target price on shares of Cadence Design Systems in a research report on Tuesday. RBC Capital Markets reissued an “outperform” rating and issued a $29.00 target price on shares of Cadence Design Systems in a research report on Tuesday. DA Davidson lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and set a $25.00 target price for the company. in a research report on Wednesday, April 6th. Finally, Zacks Investment Research raised Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Monday, April 25th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $26.21.
The company’s 50 day moving average is $24.83 and its 200 day moving average is $22.89. The firm has a market cap of $7.30 billion and a price-to-earnings ratio of 28.18.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The firm earned $453 million during the quarter, compared to analyst estimates of $449.54 million. During the same period in the prior year, the firm earned $0.27 EPS. The business’s quarterly revenue was up 8.9% on a year-over-year basis. Analysts anticipate that Cadence Design Systems Inc. will post $1.21 earnings per share for the current year.
In other news, VP James J. Cowie sold 3,130 shares of the business’s stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $23.33, for a total value of $73,022.90. Following the completion of the transaction, the vice president now owns 99,166 shares of the company’s stock, valued at $2,313,542.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The shares were 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 directly owns 637,498 shares of the company’s stock, valued at approximately $15,548,576.22. The disclosure for this sale can be found here.
Several institutional investors have recently bought and sold shares of the stock. Globeflex Capital L P purchased a new position in Cadence Design Systems during the fourth quarter worth $1,108,000. Advisors Asset Management Inc. raised its position in 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 in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised 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. Trexquant Investment LP purchased a new position in Cadence Design Systems during the fourth quarter worth $2,077,000. Finally, Marshall Wace LLP purchased a new position in Cadence Design Systems during the fourth quarter worth $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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