Somewhat Favorable Press Coverage Somewhat Unlikely to Affect Cadence Design Systems (CDNS) Stock Price

News stories about Cadence Design Systems (NASDAQ:CDNS) have trended somewhat positive on Tuesday, according to Accern Sentiment. The research firm ranks the sentiment of media coverage by analyzing more than twenty million blog and news sources. Accern ranks coverage of public companies on a scale of negative one to positive one, with scores closest to one being the most favorable. Cadence Design Systems earned a coverage optimism score of 0.21 on Accern’s scale. Accern also assigned news coverage about the software maker an impact score of 46.0065610444873 out of 100, meaning that recent media coverage is somewhat unlikely to have an impact on the company’s share price in the next several days.

Shares of Cadence Design Systems traded up $0.04, hitting $42.05, on Tuesday, Marketbeat Ratings reports. The company’s stock had a trading volume of 3,093,200 shares, compared to its average volume of 2,662,888. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.20 and a current ratio of 1.24. Cadence Design Systems has a fifty-two week low of $32.85 and a fifty-two week high of $46.00. The company has a market capitalization of $11.78 billion, a PE ratio of 39.67, a price-to-earnings-growth ratio of 3.65 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 23rd. The software maker reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Cadence Design Systems had a net margin of 10.52% and a return on equity of 29.43%. The business had revenue of $517.00 million for the quarter, compared to the consensus estimate of $505.33 million. During the same period in the prior year, the company posted $0.32 earnings per share. Cadence Design Systems’s revenue was up 8.4% compared to the same quarter last year. analysts forecast that Cadence Design Systems will post 0.95 EPS for the current year.

Several equities analysts have recently weighed in on the stock. Credit Suisse Group reissued a “neutral” rating and issued a $43.00 price objective (up from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. Zacks Investment Research lowered shares of Cadence Design Systems from a “hold” rating to a “strong sell” rating in a research report on Monday, February 5th. BidaskClub downgraded shares of Cadence Design Systems from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 13th. ValuEngine upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, JPMorgan Chase upped their price target on shares of Cadence Design Systems from $34.00 to $42.00 and gave the company an “underweight” rating in a research note on Tuesday, April 24th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $43.71.

In other Cadence Design Systems news, CFO John M. Wall sold 750 shares of the stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $42.37, for a total transaction of $31,777.50. Following the sale, the chief financial officer now directly owns 120,024 shares in the company, valued at $5,085,416.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Anirudh Devgan sold 40,063 shares of the stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $38.54, for a total transaction of $1,544,028.02. Following the sale, the president now owns 403,387 shares in the company, valued at $15,546,534.98. The disclosure for this sale can be found here. Insiders sold 126,097 shares of company stock worth $4,976,836 over the last 90 days. 2.28% of the stock is currently owned by corporate insiders.

About Cadence Design Systems

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

Insider Buying and Selling by Quarter for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply