Cadence Design Systems, Inc. (NASDAQ: CDNS) – KeyCorp research analysts increased their earnings per share (EPS) estimates for fiscal 2022 for Cadence Design Systems in a research note released on Sunday, January 9. KeyCorp analyst J. Celino now expects the software maker to post profit of $ 2.97 per share for the year, up from its previous forecast of $ 2.96. KeyCorp has an “Overweight” rating and a price target of $ 205.00 on the stock. KeyCorp also released earnings estimates for Cadence Design Systems in the fourth quarter of 2022 at $ 0.84 EPS. Cadence Design Systems (NASDAQ: CDNS) last reported its results on Sunday, October 24. The software maker reported earnings of $ 0.80 per share for the quarter, beating Zacks’ consensus estimate of $ 0.75 by $ 0.05. The company posted revenue of $ 750.90 million in the quarter, compared to analysts’ estimates of $ 741.84 million. Cadence Design Systems had a net margin of 23.30% and a return on equity of 28.98%. The company’s revenue for the quarter increased 12.6% compared to the same quarter last year. During the same period of the previous year, the company made EPS of $ 0.58.
A number of other stock analysts also weighed on the title. UBS Group raised its price target for Cadence Design Systems stock from $ 155.00 to $ 170.00 and rated the stock “neutral” in a research note on Monday, October 25. Rosenblatt Securities assumed coverage of the shares of Cadence Design Systems in a research note on Friday, September 17. They set a “buy” rating and a price target of $ 173.00 for the company. Zacks investment research Downgraded Cadence Design Systems stock from a “buy” rating to a “keep” rating and set a price target of $ 196.00 for the company. in a research note on Wednesday, November 17. JPMorgan Chase & Co. downgraded Cadence Design Systems stock from an “overweight” to a “neutral” rating and set a price target of $ 185.00 for the company. in a research note on Tuesday, December 14. Finally, Robert W. Baird raised his price target for Cadence Design Systems stock from $ 168.00 to $ 190.00 and gave the company an “outperformance” rating in a report released on Tuesday, October 26. One analyst assigned a sell rating to the stock, four assigned a conservation rating, and nine assigned a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Buy” and an average target price of $ 179.07.
Shares of NASDAQ CDNS opened at $ 165.88 on Tuesday. The company has a market cap of $ 45.97 billion, a PE ratio of 66.89, a PEG ratio of 3.33 and a beta of 1.07. The company has a current ratio of 1.70, a quick ratio of 1.59, and a debt ratio of 0.13. Cadence Design Systems has a one-year minimum of $ 118.11 and a one-year maximum of $ 192.70. The company has a fifty-day moving average price of $ 181.33 and a 200-day moving average price of $ 163.17.
Several hedge funds and other institutional investors have recently bought and sold shares of CDNS. IMPACTfolio LLC acquired a new stake in Cadence Design Systems in the fourth quarter for a value of approximately $ 367,000. JB Capital LLC purchased a new position in shares of Cadence Design Systems during the third quarter valued at $ 894,000. Balyasny Asset Management LLC increased its stake in the shares of Cadence Design Systems by 9,796.4% during the third quarter. Balyasny Asset Management LLC now owns 96,964 shares of the software maker valued at $ 14,684,000 after acquiring an additional 97,964 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Cadence Design Systems during the third quarter valued at $ 325,000. Finally, Cape ANN Savings Bank purchased a new position in Cadence Design Systems shares during the third quarter valued at $ 429,000. Institutional investors and hedge funds hold 83.00% of the shares of the company.
In related news, CEO Bu Tan Lips sold 50,000 shares in a trade that took place on Friday October 15th. The shares were sold at an average price of $ 156.16, for a total trade of $ 7,808,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Thomas P. Beckley sold 30,944 shares in a trade that took place on Thursday, October 21. The stock was sold at an average price of $ 165.00, for a total trade of $ 5,105,760.00. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 169,177 shares of the company valued at $ 29,108,265. Company insiders own 2.31% of the company’s shares.
About Cadence Design Systems
Cadence Design Systems, Inc. is engaged in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IPs and design IPs. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.
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