The stock of Cadence Design Systems Inc (NASDAQ:CDNS) hit a new 52-week high and has $38.25 target or 46.00% above today’s $26.20 share price. The 5 months bullish chart indicates low risk for the $7.75B company. The 1-year high was reported on Oct, 19 by Barchart.com. If the $38.25 price target is reached, the company will be worth $3.57B 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 188,780 shares traded hands. Cadence Design Systems Inc (NASDAQ:CDNS) has risen 13.99% since March 16, 2016 and is uptrending. It has outperformed by 8.44% the S&P500.
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 $56.20 million for 34.47 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), 4 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 57% are positive. $29 is the highest target while $21 is the lowest. The $25.13 average target is -4.08% below today’s ($26.2) stock price. Cadence Design Systems Inc has been the topic of 14 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The company was maintained on Tuesday, October 27 by Topeka Capital Markets. The firm earned “Outperform” rating on Thursday, November 19 by Northland Capital. The firm earned “Buy” rating on Monday, October 10 by DA Davidson. The stock has “Buy” rating given by DA Davidson on Thursday, February 4. The firm has “Neutral” rating given on Wednesday, April 6 by DA Davidson. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) earned “Outperform” rating by RBC Capital Markets on Tuesday, October 27. The rating was maintained by Northland Capital on Tuesday, October 27 with “Outperform”. Benchmark initiated it with “Hold” rating and $22 target price in Thursday, October 8 report. RBC Capital Markets initiated Cadence Design Systems Inc (NASDAQ:CDNS) rating on Monday, June 6. RBC Capital Markets has “Outperform” rating and $29 price target. Needham maintained the stock with “Buy” rating in Tuesday, October 27 report.
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 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.
Nationwide Fund Advsrs owns 1.01 million shares or 0.11% of their US portfolio. Blackrock Advsr Ltd last reported 0.01% of its portfolio in the stock. Gulf Int State Bank (Uk) Ltd reported 89,200 shares or 0.04% of all its holdings. Bokf Na last reported 0.02% of its portfolio in the stock. Ls Invest Advsr Limited Liability Com has invested 0.05% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS). Blackrock Fund Advsrs has 12.74M shares for 0.07% of their US portfolio. Apg Asset Mngmt Nv holds 15,100 shares or 0% of its portfolio. Advantus Management, a Minnesota-based fund reported 36,437 shares. Granahan Invest Ma holds 761,500 shares or 0.67% of its portfolio. Ledyard National Bank & Trust accumulated 211 shares or 0% of the stock. Moreover, Paradigm Asset Management Lc has 0% invested in Cadence Design Systems Inc (NASDAQ:CDNS) for 21,400 shares. Wellington Mngmt Grp Incorporated Llp has 0.07% invested in the company for 10.54 million shares. Brick Kyle Assoc holds 1,000 shares or 0.02% of its portfolio. Weaver C Barksdale And accumulated 0.01% or 318 shares. Bluecrest Cap Ltd has invested 0.01% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS).
Insider Transactions: Since April 28, 2016, the stock had 0 insider buys, and 25 selling transactions for $25.58 million net activity. Cowie James J sold $77,151 worth of stock or 3,121 shares. RIBAR GEOFFREY G also sold $459,342 worth of Cadence Design Systems Inc (NASDAQ:CDNS) on Monday, May 2. Shares for $3.72 million were sold by TAN LIP BU on Monday, August 15. 19,375 shares were sold by Hsu Chi-Ping, worth $488,638. On Monday, August 22 BECKLEY THOMAS P sold $338,700 worth of the stock or 13,548 shares. SHOVEN JOHN B also sold $1.23M worth of Cadence Design Systems Inc (NASDAQ:CDNS) on Friday, May 20. On Friday, May 20 SANGIOVANNI VINCENTELLI ALBERTO sold $612,500 worth of the stock or 25,000 shares.
More news for Cadence Design Systems Inc (NASDAQ:CDNS) were recently published by: Seekingalpha.com, which released: “Cadence Design Systems Shows Strong Fundamentals” on October 13, 2016. Prnewswire.com‘s article titled: “Cadence Recognized with Four TSMC Partner of the Year Awards” and published on September 27, 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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