Cadence Design Systems Price Performance
Shares of Cadence Design Systems stock opened at $185.70 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The business has a 50 day simple moving average of $171.01 and a two-hundred day simple moving average of $168.75. The stock has a market capitalization of $50.94 billion, a P/E ratio of 65.39, a PEG ratio of 2.49 and a beta of 1.12. Cadence Design Systems has a 12 month low of $132.32 and a 12 month high of $194.97.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last posted its quarterly earnings data on Monday, February 13th. The software maker reported $0.96 EPS for the quarter, beating the consensus estimate of $0.92 by $0.04. Cadence Design Systems had a return on equity of 33.19% and a net margin of 22.86%. The firm had revenue of $899.88 million during the quarter, compared to the consensus estimate of $884.23 million. During the same period in the prior year, the company earned $0.67 EPS. The firm’s revenue was up 16.4% compared to the same quarter last year. As a group, analysts predict that Cadence Design Systems will post 3.41 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on the stock. Atlantic Securities upgraded shares of Cadence Design Systems from a neutral rating to an overweight rating and set a $200.00 price target on the stock in a research report on Tuesday, January 17th. Robert W. Baird upped their price target on Cadence Design Systems to $206.00 in a research report on Wednesday, December 14th. Stifel Nicolaus reiterated a hold rating and set a $200.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, October 26th. Rosenblatt Securities dropped their target price on Cadence Design Systems from $185.00 to $175.00 and set a buy rating for the company in a report on Monday, October 24th. Finally, StockNews.com upgraded Cadence Design Systems from a hold rating to a buy rating in a report on Sunday, January 29th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $195.50.
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 value of $1,660,000.00. Following the completion of the transaction, the director now owns 36,372 shares of the company’s stock, valued at $6,037,752. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cadence Design Systems news, insider Lip Bu Tan sold 40,000 shares of the stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $162.66, for a total value of $6,506,400.00. Following the sale, the insider now directly owns 996,936 shares of the company’s stock, valued at approximately $162,161,609.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Young Sohn sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, November 30th. The stock was sold at an average price of $166.00, for a total value of $1,660,000.00. Following the sale, the director now directly owns 36,372 shares in the company, valued at approximately $6,037,752. The disclosure for this sale can be found here. In the last three months, insiders have sold 164,350 shares of company stock worth $27,919,671. 1.99% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Cadence Design Systems
Several hedge funds have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. lifted its position in shares of Cadence Design Systems by 1.3% during the 4th quarter. First Republic Investment Management Inc. now owns 39,151 shares of the software maker’s stock worth $6,289,000 after buying an additional 489 shares during the last quarter. Captrust Financial Advisors lifted its position in Cadence Design Systems by 28.4% in the third quarter. Captrust Financial Advisors now owns 11,299 shares of the software maker’s stock valued at $1,847,000 after acquiring an additional 2,500 shares during the last quarter. CreativeOne Wealth LLC lifted its position in Cadence Design Systems by 1.8% in the third quarter. CreativeOne Wealth LLC now owns 4,662 shares of the software maker’s stock valued at $762,000 after acquiring an additional 83 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Cadence Design Systems by 0.8% in the third quarter. Alliancebernstein L.P. now owns 410,337 shares of the software maker’s stock valued at $67,061,000 after acquiring an additional 3,285 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Cadence Design Systems by 18.3% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,490 shares of the software maker’s stock worth $524,000 after purchasing an additional 540 shares in the last quarter. 84.06% of the stock is currently owned by hedge funds and other institutional investors.
About Cadence Design Systems
Cadence Design Systems, Inc engages 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 IP, and design IP. It operates through the following geographical segments: Americas, Asia, Europe, Middle East and Africa, and Japan.
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