Cadence Design Systems (CDNS) Upgraded at ValuEngine
ValuEngine upgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a buy rating in a research report released on Thursday.
A number of other equities research analysts have also recently commented on the company. BidaskClub cut Cadence Design Systems from a hold rating to a sell rating in a research note on Wednesday, February 7th. Zacks Investment Research cut Cadence Design Systems from a hold rating to a strong sell rating in a research note on Monday, February 5th. Credit Suisse Group reiterated a neutral rating and issued a $43.00 price target (up from $37.00) on shares of Cadence Design Systems in a research note on Thursday, February 1st. Finally, KeyCorp reiterated a hold rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $44.20.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded up $1.06 during midday trading on Thursday, hitting $39.29. The company had a trading volume of 2,311,508 shares, compared to its average volume of 2,622,161. The company has a quick ratio of 1.47, a current ratio of 1.53 and a debt-to-equity ratio of 0.65. The stock has a market cap of $11,113.92, a PE ratio of 36.38, a P/E/G ratio of 3.84 and a beta of 1.08. Cadence Design Systems has a 1 year low of $30.35 and a 1 year high of $46.00.
In other news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $43.52, for a total value of $4,352,000.00. Following the completion of the transaction, the chief executive officer now directly owns 533,333 shares in the company, valued at $23,210,652.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Anirudh Devgan sold 44,526 shares of the firm’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $45.01, for a total value of $2,004,115.26. Following the completion of the transaction, the president now owns 377,019 shares of the company’s stock, valued at $16,969,625.19. The disclosure for this sale can be found here. Over the last quarter, insiders sold 256,776 shares of company stock valued at $11,313,793. 2.55% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. Sigma Planning Corp raised its stake in shares of Cadence Design Systems by 17.1% in the third quarter. Sigma Planning Corp now owns 66,369 shares of the software maker’s stock worth $2,620,000 after purchasing an additional 9,695 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Cadence Design Systems by 15.4% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 41,301 shares of the software maker’s stock worth $1,630,000 after purchasing an additional 5,500 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Cadence Design Systems in the third quarter worth about $432,000. QUANTRES ASSET MANAGEMENT Ltd purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $611,000. Finally, California Public Employees Retirement System raised its stake in shares of Cadence Design Systems by 2.8% in the fourth quarter. California Public Employees Retirement System now owns 648,730 shares of the software maker’s stock worth $27,130,000 after purchasing an additional 17,954 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.
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About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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