Weekly Analysts’ Ratings Updates for Cadence Design Systems (CDNS)

A number of firms have modified their ratings and price targets on shares of Cadence Design Systems (NASDAQ: CDNS) recently:

  • 1/21/2023 – Cadence Design Systems was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
  • 1/17/2023 – Cadence Design Systems was upgraded by analysts at Atlantic Securities from a “neutral” rating to an “overweight” rating. They now have a $200.00 price target on the stock.
  • 1/13/2023 – Cadence Design Systems was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
  • 1/5/2023 – Cadence Design Systems was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating.
  • 12/16/2022 – Cadence Design Systems was upgraded by analysts at Bank of America Co. from a “neutral” rating to a “buy” rating. They now have a $205.00 price target on the stock, up previously from $185.00.
  • 12/14/2022 – Cadence Design Systems had its price target raised by analysts at Robert W. Baird to $206.00.
  • 11/28/2022 – Cadence Design Systems was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.

Cadence Design Systems Stock Up 0.1 %

NASDAQ:CDNS traded up $0.10 during trading hours on Wednesday, hitting $182.48. The stock had a trading volume of 1,103,167 shares, compared to its average volume of 1,435,699. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Cadence Design Systems, Inc. has a 1-year low of $132.32 and a 1-year high of $194.97. The business has a 50 day simple moving average of $166.25 and a two-hundred day simple moving average of $166.72. The company has a market cap of $50.06 billion, a PE ratio of 64.25, a price-to-earnings-growth ratio of 2.48 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last issued its quarterly earnings data on Monday, October 24th. The software maker reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.03. Cadence Design Systems had a net margin of 22.86% and a return on equity of 33.19%. The company had revenue of $902.55 million during the quarter, compared to the consensus estimate of $868.85 million. During the same quarter last year, the company earned $0.65 earnings per share. Cadence Design Systems’s revenue for the quarter was up 20.2% on a year-over-year basis. Analysts predict that Cadence Design Systems, Inc. will post 3.41 EPS for the current year.

Insider Transactions at Cadence Design Systems

In other news, Director Young Sohn sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 30th. The shares were sold at an average price of $166.00, for a total transaction of $1,660,000.00. Following the completion of the sale, the director now owns 36,372 shares of the company’s stock, valued at $6,037,752. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Young Sohn sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 30th. The shares were sold at an average price of $166.00, for a total transaction of $1,660,000.00. Following the completion of the sale, the director now owns 36,372 shares of the company’s stock, valued at $6,037,752. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lip Bu Tan sold 42,500 shares of the firm’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $173.39, for a total transaction of $7,369,075.00. Following the sale, the insider now directly owns 602,589 shares of the company’s stock, valued at approximately $104,482,906.71. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,250 shares of company stock valued at $22,415,385. 1.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds have recently added to or reduced their stakes in the business. LPL Financial LLC lifted its stake in Cadence Design Systems by 8.3% in the second quarter. LPL Financial LLC now owns 99,299 shares of the software maker’s stock valued at $14,898,000 after buying an additional 7,627 shares during the last quarter. Verition Fund Management LLC lifted its stake in Cadence Design Systems by 6,918.8% in the second quarter. Verition Fund Management LLC now owns 38,463 shares of the software maker’s stock valued at $5,771,000 after buying an additional 37,915 shares during the last quarter. Gulf International Bank UK Ltd lifted its stake in Cadence Design Systems by 0.4% in the third quarter. Gulf International Bank UK Ltd now owns 42,457 shares of the software maker’s stock valued at $6,938,000 after buying an additional 179 shares during the last quarter. Janiczek Wealth Management LLC lifted its stake in Cadence Design Systems by 32.0% in the third quarter. Janiczek Wealth Management LLC now owns 1,953 shares of the software maker’s stock valued at $302,000 after buying an additional 474 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Cadence Design Systems by 222.3% in the second quarter. Jennison Associates LLC now owns 15,090 shares of the software maker’s stock valued at $2,264,000 after buying an additional 10,408 shares during the last quarter. Institutional investors and hedge funds own 84.06% of the company’s stock.

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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