Cadence Design Systems (NASDAQ: CDNS) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report released Tuesday, The Fly reports.
A number of other equity research analysts have also recently commented on CDNS. KeyCorp raised its price target for Cadence Design Systems stock from $ 166.00 to $ 186.00 and rated the company as “overweight” in a Tuesday October 26th research note. Robert W. Baird raised his price target for the Cadence Design Systems stock from $ 168.00 to $ 190.00 and rated the stock as “outperforming” in a research note on Tuesday, October 26. Zacks Investment Research downgraded Cadence Design Systems stock from a âbuyâ rating to a âholdâ rating and set a target price of $ 196.00 for the stock. in a research note on Wednesday, November 17. Rosenblatt Securities launched coverage on the shares of Cadence Design Systems in a research note on Friday, September 17. They set a “buy” rating and a target price of $ 173.00 for the stock. Finally, Needham & Company LLC raised its price target for the Cadence Design Systems stock from $ 183.00 to $ 185.00 and assigned the stock a “buy” rating in a research note on Tuesday. October 26. One research analyst rated the stock with a sell rating, four assigned a conservation rating, and nine assigned a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of âBuyâ and a consensus target price of $ 174.42.
Shares of CDNS opened at $ 184.13 on Tuesday. The company has a 50-day simple moving average of $ 172.78 and a 200-day simple moving average of $ 155.76. The company has a quick ratio of 1.59, a current ratio of 1.70, and a debt ratio of 0.13. The company has a market cap of $ 51.03 billion, a PE ratio of 74.25, a P / E / G ratio of 3.89 and a beta of 1.08. Cadence Design Systems has a 52 week low of $ 118.11 and a 52 week high of $ 190.09.
Cadence Design Systems (NASDAQ: CDNS) last reported its quarterly results on Sunday, October 24. The software maker reported earnings per share (EPS) of $ 0.80 for the quarter, beating Zacks’ consensus estimate of $ 0.75 by $ 0.05. The company posted revenue of $ 750.90 million in the quarter, compared to a consensus estimate of $ 741.84 million. Cadence Design Systems had a net margin of 23.30% and a return on equity of 28.98%. The company’s turnover is up 12.6% compared to the same quarter last year. In the same quarter of last year, the company posted EPS of $ 0.58. On average, research analysts predict Cadence Design Systems will show 2.6 EPS for the current year.
In other news, director Mark Adams sold 6,000 shares of Cadence Design Systems in a transaction that took place on Tuesday, December 7. The shares were sold at an average price of $ 181.98, for a total trade of $ 1,091,880.00. The transaction was disclosed in a document filed with the SEC, accessible through this link. Additionally, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems in a transaction that took place on Friday, October 15. The shares were sold at an average price of $ 156.16, for a total trade of $ 7,808,000.00. Disclosure of this sale can be found here. Insiders sold 219,176 shares of the company worth $ 37,420,069 in the past 90 days. 2.31% of the shares are currently held by insiders.
Large investors recently changed their holdings of stocks. Stratos Wealth Advisors LLC purchased a new equity stake in Cadence Design Systems in the third quarter valued at $ 1,087,000. Fifth Third Bancorp increased its stake in Cadence Design Systems shares by 3.4% in the second quarter. Fifth Third Bancorp now owns 69,256 shares of the software maker valued at $ 9,476,000 after purchasing 2,304 more shares in the last quarter. Korea Investment CORP increased its stake in shares of Cadence Design Systems by 71.9% in the second quarter. Korea Investment CORP now owns 309,700 shares of the software maker valued at $ 42,373,000 after purchasing an additional 129,500 shares in the last quarter. Dana Investment Advisors Inc. increased its stake in shares of Cadence Design Systems by 2.8% in the second quarter. Dana Investment Advisors Inc. now owns 223,652 shares of the software maker valued at $ 30,600,000 after purchasing an additional 6,078 shares in the last quarter. Finally, Rheos Capital Works Inc. increased its stake in Cadence Design Systems shares by 19.7% in the third quarter. Rheos Capital Works Inc. now owns 168,600 shares of the software maker valued at $ 25,533,000 after purchasing an additional 27,700 shares in the last quarter. Institutional investors and hedge funds hold 83.00% of the shares of the company.
About Cadence Design Systems
Cadence Design Systems, Inc. is engaged in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IPs and design IPs. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.
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