Zacks Investment Research upgraded shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) from a hold rating to a buy rating in a report released on Wednesday, November 1st. They currently have $48.00 target price on the software maker’s stock.
According to Zacks, “Cadence reported impressive third-quarter 2017 results. Top-line benefited from ongoing adoption of the company’s digital and signoff, custom-analog and IP solutions and an expanding customer base. The company has outperformed the industry on a year-to-date basis. We also believe that increasing investments on emerging trends like Internet-of-things (IoT), augmented and virtual reality (AR/VR) and autonomous vehicle sub-systems presents significant growth opportunity for the company in the long haul. However, intensifying competition, currency volatility, leveraged balance sheet and stretched valuation are the headwinds.”
Other analysts also recently issued reports about the stock. Royal Bank Of Canada reaffirmed a buy rating on shares of Cadence Design Systems in a research report on Friday, July 7th. Credit Suisse Group reiterated an outperform rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub cut shares of Cadence Design Systems from a strong-buy rating to a buy rating in a research note on Tuesday, July 25th. Needham & Company LLC reiterated a hold rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. Finally, Bank of America Corporation upped their price target on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a buy rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $40.60.
Shares of Cadence Design Systems (CDNS) traded up $0.63 on Wednesday, hitting $44.67. 1,644,500 shares of the stock were exchanged, compared to its average volume of 2,338,925. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a 1 year low of $24.15 and a 1 year high of $44.69. The company has a market cap of $12,435.13, a price-to-earnings ratio of 47.35, a price-to-earnings-growth ratio of 3.47 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million for the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 earnings per share. equities research analysts forecast that Cadence Design Systems will post 1.06 EPS for the current year.
In other Cadence Design Systems news, insider Thomas P. Beckley sold 43,469 shares of the stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $44.09, for a total transaction of $1,916,548.21. Following the completion of the sale, the insider now directly owns 225,863 shares of the company’s stock, valued at approximately $9,958,299.67. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Geoffrey G. Ribar sold 35,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $37.31, for a total transaction of $1,305,850.00. Following the sale, the chief financial officer now directly owns 204,413 shares of the company’s stock, valued at $7,626,649.03. The disclosure for this sale can be found here. Insiders sold a total of 222,255 shares of company stock valued at $9,161,468 over the last three months. 2.55% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Cadence Design Systems by 2.2% in the second quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after buying an additional 516,100 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Cadence Design Systems by 73,454.0% during the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after purchasing an additional 20,673,635 shares during the last quarter. State Street Corp lifted its position in shares of Cadence Design Systems by 1.2% during the second quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock worth $304,935,000 after purchasing an additional 108,305 shares during the last quarter. Pictet Asset Management Ltd. lifted its position in shares of Cadence Design Systems by 2.7% during the second quarter. Pictet Asset Management Ltd. now owns 4,191,828 shares of the software maker’s stock worth $147,301,000 after purchasing an additional 108,344 shares during the last quarter. Finally, APG Asset Management N.V. lifted its position in shares of Cadence Design Systems by 20,049.7% during the third quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock worth $144,746,000 after purchasing an additional 3,649,041 shares during the last quarter. Hedge funds and other institutional investors own 84.15% of the company’s stock.
Cadence Design Systems Company Profile
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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