Other analysts have also issued reports about the company. DA Davidson raised their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a report on Wednesday, February 20th. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Wednesday, February 13th. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 5th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, November 20th. They issued a “hold” rating and a $50.00 price objective on the stock. Finally, ValuEngine raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 23rd. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the stock. Cadence Design Systems currently has an average rating of “Buy” and a consensus price target of $54.88.
Cadence Design Systems (NASDAQ:CDNS) had its price objective upped by Needham & Company LLC from $60.00 to $64.00 in a note issued to investors on Thursday. The firm presently has a “buy” rating on the software maker’s stock. Needham & Company LLC’s price target would suggest a potential upside of 5.51% from the company’s current price.
Shares of CDNS stock opened at $60.66 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $17.00 billion, a PE ratio of 49.32, a PEG ratio of 3.61 and a beta of 1.10. Cadence Design Systems has a fifty-two week low of $35.49 and a fifty-two week high of $61.43.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 19th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $569.90 million for the quarter, compared to analyst estimates of $550.22 million. Cadence Design Systems had a return on equity of 28.36% and a net margin of 16.17%. The company’s revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. Research analysts anticipate that Cadence Design Systems will post 1.4 EPS for the current year.
In other Cadence Design Systems news, insider Thomas P. Beckley sold 37,855 shares of Cadence Design Systems stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $58.90, for a total value of $2,229,659.50. Following the sale, the insider now owns 220,618 shares in the company, valued at $12,994,400.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $48.05, for a total value of $4,805,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 232,953 shares of company stock worth $11,907,228. 2.28% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc raised its position in Cadence Design Systems by 1.0% in the third quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock valued at $1,471,854,000 after purchasing an additional 324,296 shares during the period. Massachusetts Financial Services Co. MA raised its position in Cadence Design Systems by 1.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 22,865,053 shares of the software maker’s stock valued at $994,172,000 after purchasing an additional 272,342 shares during the period. BlackRock Inc. grew its stake in shares of Cadence Design Systems by 2.0% in the third quarter. BlackRock Inc. now owns 20,689,949 shares of the software maker’s stock valued at $937,669,000 after buying an additional 402,733 shares in the last quarter. Parnassus Investments CA grew its stake in shares of Cadence Design Systems by 13.4% in the fourth quarter. Parnassus Investments CA now owns 14,392,128 shares of the software maker’s stock valued at $625,770,000 after buying an additional 1,697,043 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its stake in shares of Cadence Design Systems by 1.9% in the third quarter. Pictet Asset Management Ltd. now owns 5,355,461 shares of the software maker’s stock valued at $242,709,000 after buying an additional 99,437 shares in the last quarter. Institutional investors own 86.89% of the company’s stock.
About Cadence Design Systems
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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