The stock of Cadence Design Systems Inc. (NASDAQ:CDNS) last traded at $241.27, down -0.65% from the previous session.
Data from the available sources indicates that Cadence Design Systems Inc. (NASDAQ:CDNS) is covered by 17 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $300.00 and a low of $210.00, we find $250.00. Given the previous closing price of $242.86, this indicates a potential upside of 2.94 percent. CDNS stock price is now 6.31% away from the 50-day moving average and 25.54% away from the 200-day moving average. The market capitalization of the company currently stands at $64.69B.
In total, 2 analysts have assigned it a hold rating, and 11 have given it a buy rating. Brokers who have rated the stock have averaged $251.32 as their price target over the next twelve months.
With the price target enhanced from $210 to $300, Stifel Upgraded its rating from Hold to Buy for Cadence Design Systems Inc. (NASDAQ: CDNS).
In other news, Cunningham Paul, Sr. Vice President sold 1,000 shares of the company’s stock on Jul 03. The stock was sold for $234,100 at an average price of $234.10. Upon completion of the transaction, the Sr. Vice President now directly owns 95,124 shares in the company, valued at $22.95 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 03, Corporate VP, General Counsel Nisewaner Karna sold 100 shares of the business’s stock. A total of $23,410 was realized by selling the stock at an average price of $234.10. This leaves the insider owning 21,994 shares of the company worth $5.31 million. Insiders disposed of 1,306,799 shares of company stock worth roughly $315.29 million over the past 1 year. A total of 0.60% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in CDNS stock. A new stake in Cadence Design Systems Inc. shares was purchased by BAIN CAPITAL PUBLIC EQUITY MANAGEMENT II, LLC during the first quarter worth $93,823,000. WESTFIELD CAPITAL MANAGEMENT CO LP invested $92,819,000 in shares of CDNS during the first quarter. In the first quarter, SCGE MANAGEMENT, L.P. acquired a new stake in Cadence Design Systems Inc. valued at approximately $88,537,000. JERICHO CAPITAL ASSET MANAGEMENT L.P. acquired a new stake in CDNS for approximately $83,409,000. CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD. purchased a new stake in CDNS valued at around $59,355,000 in the second quarter. In total, there are 1,382 active investors with 90.20% ownership of the company’s stock.
With an opening price of $242.49 on Monday morning, Cadence Design Systems Inc. (NASDAQ: CDNS) set off the trading day. During the past 12 months, Cadence Design Systems Inc. has had a low of $138.76 and a high of $248.16. As of last week, the company has a debt-to-equity ratio of 0.23, a current ratio of 1.40, and a quick ratio of 1.30. According to the stock market information, the enterprise value for the company is $65.57B, which is based on a 77.26 price-to-earnings ratio, a 4.38 price-to-earnings-growth ratio, and a beta of 1.05. The fifty day moving average price for CDNS is $227.70 and a two-hundred day moving average price translates $192.54 for the stock.
The latest earnings results from Cadence Design Systems Inc. (NASDAQ: CDNS) was released for Mar, 2023. According to the Software – Application Company, earnings per share came in at $1.29, beating analysts’ expectations of $1.25 by 0.04. This compares to $0.85 EPS in the same period last year. The net profit margin was 23.20% and return on equity was 31.10% for CDNS. The company reported revenue of $1.02 billion for the quarter, compared to $901.77 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 13.3 percent. For the current quarter, analysts expect CDNS to generate $974.86M in revenue.
Cadence Design Systems Inc.(CDNS) Company Profile
Cadence Design Systems, Inc. provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification. The company also provides digital IC design and sign off products, including Genus logic synthesis and Joules RTL power solutions, as well as Modus software solution to reduce systems-on-chip design-for-test time; physical implementation tools, such as place and route, optimization, and multiple patterning preparation; and Innovus implementation system, a physical implementation system. In addition, it offers custom IC design and simulation products to create schematic and physical representations of circuits down to the transistor level for analog, mixed-signal, custom digital, memory, and radio frequency designs; and system design and analysis products to develop printed circuit boards and IC packages, as well as to analyze electromagnetic, electro-thermal, and other multi-physics effects. Further, the company provides intellectual property (IP) products comprising pre-verified and customizable functional blocks to integrate into customer’s ICs; and verification IP with memory models to emulate and model the expected behavior and interaction of standard industry system interface protocols. Additionally, it offers services related to methodology, education, and hosted design solutions, as well as technical support and maintenance services. The company serves 5G communications, aerospace and defense, automotive, industrial and healthcare, mobile, consumer, and hyperscale computing markets. Cadence Design Systems, Inc. was incorporated in 1987 and is headquartered in San Jose, California.
