The stock of Cadence Design Systems Inc (NASDAQ:CDNS) hit a new 52-week high and has $40.87 target or 55.00% above today’s $26.37 share price. The 9 months bullish chart indicates low risk for the $7.72B company. The 1-year high was reported on Oct, 10 by Barchart.com. If the $40.87 price target is reached, the company will be worth $4.25 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 411,380 shares traded hands. Cadence Design Systems Inc (NASDAQ:CDNS) has risen 14.64% since March 7, 2016 and is uptrending. It has outperformed by 7.05% the S&P500.
Analysts await Cadence Design Systems Inc (NASDAQ:CDNS) to report earnings on October, 24. They expect $0.19 earnings per share, down 13.64% or $0.03 from last year’s $0.22 per share. CDNS’s profit will be $55.62 million for 34.70 P/E if the $0.19 EPS becomes a reality. After $0.17 actual earnings per share reported by Cadence Design Systems Inc for the previous quarter, Wall Street now forecasts 11.76% EPS growth.
Cadence Design Systems Inc (NASDAQ:CDNS) Ratings Coverage
Out of 7 analysts covering Cadence Design Systems Inc (NASDAQ:CDNS), 3 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 43% are positive. $29 is the highest target while $21 is the lowest. The $25.13 average target is -4.70% below today’s ($26.37) stock price. Cadence Design Systems Inc has been the topic of 13 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Northland Capital maintained Cadence Design Systems Inc (NASDAQ:CDNS) on Tuesday, October 27 with “Outperform” rating. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) earned “Neutral” rating by DA Davidson on Wednesday, April 6. The rating was downgraded by Needham on Tuesday, June 14 to “Hold”. Northland Capital maintained it with “Outperform” rating and $27.50 target price in Thursday, November 19 report. The firm earned “Buy” rating on Thursday, February 4 by DA Davidson. As per Tuesday, October 27, the company rating was maintained by RBC Capital Markets. The company was maintained on Tuesday, October 27 by Topeka Capital Markets. The rating was maintained by Needham on Tuesday, October 27 with “Buy”. RBC Capital Markets initiated the shares of CDNS in a report on Monday, June 6 with “Outperform” rating. Benchmark initiated the shares of CDNS in a report on Thursday, October 8 with “Hold” rating.
According to Zacks Investment Research, “Cadence Design Systems, Inc. provides comprehensive software and other technology and offers design and methodology services for the product development requirements of the world’s leading electronics companies. Cadence licenses its leading-edge electronic design automation software and hardware technology and provides a range of services to companies throughout the world to help optimize their product development processes.”
Insitutional Activity: The institutional sentiment increased to 1.4 in Q2 2016. Its up 0.10, from 1.3 in 2016Q1. The ratio is positive, as 26 funds sold all Cadence Design Systems Inc shares owned while 101 reduced positions. 53 funds bought stakes while 125 increased positions. They now own 245.54 million shares or 5.93% less from 261.03 million shares in 2016Q1.
Bluemountain Cap Mngmt Ltd Liability Company has 0.01% invested in the company for 22,986 shares. Signaturefd Llc has 394 shares for 0% of their US portfolio. State Of Wisconsin Investment Board has 195,002 shares for 0.02% of their US portfolio. Ngam Ltd Partnership holds 20,783 shares or 0.01% of its portfolio. Accredited Investors, a Minnesota-based fund reported 13,000 shares. Blackrock Fund Advsr, a California-based fund reported 12.74 million shares. Macquarie Gru Ltd reported 108,090 shares or 0.01% of all its holdings. Ahl Prtnrs Ltd Liability Partnership has 0.14% invested in the company for 106,271 shares. Gideon Cap Advisors, a New York-based fund reported 34,573 shares. Eagle Asset Management accumulated 0.2% or 1.18 million shares. Utah Retirement last reported 0.04% of its portfolio in the stock. Mai Management has invested 0.02% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS). Goldman Sachs Gru has invested 0.03% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS). Fjarde Ap owns 90,472 shares or 0.05% of their US portfolio. Capital Fund Management Sa accumulated 0.04% or 172,304 shares.
Insider Transactions: Since April 15, 2016, the stock had 0 insider purchases, and 26 insider sales for $29.09 million net activity. On Monday, May 16 Hsu Chi-Ping sold $960,140 worth of the stock or 40,000 shares. SIBONI ROGER S had sold 9,906 shares worth $232,796 on Thursday, April 28. The insider Cowie James J sold 59,509 shares worth $1.50M. 22,933 Cadence Design Systems Inc (NASDAQ:CDNS) shares with value of $553,999 were sold by RIBAR GEOFFREY G. Another trade for 28,807 shares valued at $700,881 was sold by ZAMAN ANEEL. 25,000 shares were sold by SANGIOVANNI VINCENTELLI ALBERTO, worth $612,500 on Friday, May 20. Shares for $338,700 were sold by BECKLEY THOMAS P.
More news for Cadence Design Systems Inc (NASDAQ:CDNS) were recently published by: Prnewswire.com, which released: “Cadence Recognized with Four TSMC Partner of the Year Awards” on September 27, 2016. Prnewswire.com‘s article titled: “Cadence Tensilica HiFi DSP Offers First processor IP Approved for Dolby AC-4 …” and published on September 12, 2016 is yet another important article.
CDNS Company Profile
Cadence Design Systems, Inc. (Cadence), incorporated on April 8, 1987, develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs), and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP. The Firm provides maintenance for its software, emulation hardware and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for ICs and development of custom IP. The Firm offers services and products to electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market divisions, such as mobile and consumer devices, communications, cloud and data center infrastructure, personal computers, automotive systems, medical systems and other devices.
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