Today’s Stock On Watch: Will Cadence Design Systems Inc Go Down Anytime Soon?

Today's Stock On Watch: Will Cadence Design Systems Inc Go Down Anytime Soon?

The stock of Cadence Design Systems Inc (NASDAQ:CDNS) is a huge mover today! About 1.28M 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.
The move comes after 7 months positive chart setup for the $7.70B company. It was reported on Oct, 10 by Barchart.com. We have $43.67 PT which if reached, will make NASDAQ:CDNS worth $5.08 billion more.

Analysts await Cadence Design Systems Inc (NASDAQ:CDNS) to report earnings on October, 24. They expect $0.19 EPS, down 13.64% or $0.03 from last year’s $0.22 per share. CDNS’s profit will be $55.61M for 34.62 P/E if the $0.19 EPS becomes a reality. After $0.17 actual EPS 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. Cadence Design Systems Inc has been the topic of 13 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Northland Capital maintained the shares of CDNS in a report on Tuesday, October 27 with “Outperform” rating. Benchmark initiated the shares of CDNS in a report on Thursday, October 8 with “Hold” rating. The company was downgraded on Wednesday, April 6 by DA Davidson. The rating was maintained by Topeka Capital Markets on Tuesday, October 27 with “Buy”. The rating was downgraded by Needham on Tuesday, June 14 to “Hold”. RBC Capital Markets initiated it with “Outperform” rating and $29 target price in Monday, June 6 report. The firm earned “Buy” rating on Thursday, February 4 by DA Davidson. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) has “Outperform” rating given on Tuesday, October 27 by RBC Capital Markets. The rating was maintained by Needham on Tuesday, October 27 with “Buy”. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) earned “Outperform” rating by Northland Capital on Thursday, November 19.

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 2016 Q2. Its up 0.10, from 1.3 in 2016Q1. The ratio improved, 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.
Kbc Gp Nv holds 0.01% or 17,495 shares in its portfolio. Glenmede Trust Co Na reported 1.19M shares or 0.18% of all its holdings. Teachers Incorporated accumulated 0.01% or 242,162 shares. Livforsakringsbolaget Skandia Omsesidigt owns 27,500 shares or 0.03% of their US portfolio. Tudor Investment Corp Et Al holds 8,500 shares or 0% of its portfolio. Piedmont Inv Advsr holds 0% or 18 shares in its portfolio. The United Kingdom-based Oxford Asset Mgmt has invested 0.29% in Cadence Design Systems Inc (NASDAQ:CDNS). Frontier Capital Management Lc has invested 0.88% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS). Legal General Group Inc Public Limited accumulated 264,331 shares or 0.01% of the stock. Lazard Asset Mngmt Limited Liability has 112,603 shares for 0.01% of their US portfolio. The Texas-based Kanaly Tru has invested 0% in Cadence Design Systems Inc (NASDAQ:CDNS). Ig Inv Management Limited last reported 164,410 shares in the company. Principal Financial Grp has 1.15 million shares for 0.04% of their US portfolio. Voloridge Inv Mngmt Limited Co owns 139,426 shares or 0.1% of their US portfolio. Oakbrook Invests Limited Liability Corp accumulated 0.04% or 28,900 shares.

Insider Transactions: Since April 15, 2016, the stock had 0 buys, and 26 selling transactions for $29.09 million net activity. Hsu Chi-Ping sold $511,050 worth of Cadence Design Systems Inc (NASDAQ:CDNS) on Tuesday, June 7. $73,023 worth of Cadence Design Systems Inc (NASDAQ:CDNS) was sold by Cowie James J. TAN LIP BU had sold 150,000 shares worth $3.66M on Wednesday, June 15. Another trade for 13,548 shares valued at $338,700 was sold by BECKLEY THOMAS P. On Monday, September 12 the insider SCALISE GEORGE sold $126,350. $2.47 million worth of Cadence Design Systems Inc (NASDAQ:CDNS) was sold by RIBAR GEOFFREY G on Wednesday, June 1. The insider SANGIOVANNI VINCENTELLI ALBERTO sold 25,000 shares worth $612,500.

More recent Cadence Design Systems Inc (NASDAQ:CDNS) news were published by: Prnewswire.com which released: “Cadence Recognized with Four TSMC Partner of the Year Awards” on September 27, 2016. Also Prnewswire.com published the news titled: “Cadence Announces General Availability of Tensilica Xtensa LX7 Processor …” on September 27, 2016. Prnewswire.com‘s news article titled: “Cadence Tensilica HiFi DSP Offers First processor IP Approved for Dolby AC-4 …” with publication date: September 12, 2016 was also an interesting one.

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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