Royal Bank Of Canada restated their buy rating on shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in a research note released on Friday morning. Royal Bank Of Canada currently has a $46.00 price objective on the software maker’s stock.
CDNS has been the topic of several other reports. Credit Suisse Group reiterated an outperform rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub downgraded Cadence Design Systems from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Zacks Investment Research raised Cadence Design Systems from a hold rating to a buy rating and set a $42.00 target price on the stock in a report on Thursday, July 27th. Finally, Bank of America Corporation boosted their target price on Cadence Design Systems from $38.00 to $41.00 and gave the stock a buy rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $38.50.
Shares of Cadence Design Systems (CDNS) opened at 43.08 on Friday. Cadence Design Systems has a one year low of $24.15 and a one year high of $43.23. The company has a market cap of $12.07 billion, a P/E ratio of 50.09 and a beta of 0.93. The company has a 50 day moving average price of $40.14 and a 200 day moving average price of $36.15.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 30.43% and a net margin of 13.45%. The company had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. During the same period in the prior year, the company posted $0.30 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. Equities research analysts expect that Cadence Design Systems will post $1.39 earnings per share for the current year.
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In other Cadence Design Systems news, CFO Geoffrey G. Ribar sold 5,000 shares of the company’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $36.88, for a total transaction of $184,400.00. Following the transaction, the chief financial officer now owns 174,413 shares of the company’s stock, valued at approximately $6,432,351.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $37.18, for a total value of $3,718,000.00. Following the transaction, the chief executive officer now directly owns 583,332 shares in the company, valued at approximately $21,688,283.76. The disclosure for this sale can be found here. Insiders sold a total of 260,786 shares of company stock worth $10,186,400 over the last three months. 2.55% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth $432,000. First Quadrant L P CA lifted its holdings in Cadence Design Systems by 3.0% during the 3rd quarter. First Quadrant L P CA now owns 723,350 shares of the software maker’s stock worth $28,551,000 after buying an additional 20,749 shares in the last quarter. Aperio Group LLC lifted its holdings in Cadence Design Systems by 11.9% during the 3rd quarter. Aperio Group LLC now owns 404,243 shares of the software maker’s stock worth $15,955,000 after buying an additional 43,064 shares in the last quarter. CAPROCK Group Inc. lifted its holdings in Cadence Design Systems by 64.9% during the 3rd quarter. CAPROCK Group Inc. now owns 14,853 shares of the software maker’s stock worth $586,000 after buying an additional 5,845 shares in the last quarter. Finally, Strs Ohio lifted its holdings in Cadence Design Systems by 396.5% during the 3rd quarter. Strs Ohio now owns 17,240 shares of the software maker’s stock worth $680,000 after buying an additional 13,768 shares in the last quarter. 84.44% of the stock is currently owned by hedge funds and other institutional investors.
About Cadence Design Systems
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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