Cadence Design Systems (NASDAQ:CDNS) : 9 analysts are covering Cadence Design Systems (NASDAQ:CDNS) and their average rating on the stock is 2, which is read as a Buy. 4 equity analysts believe that the stock has a bright future and the price doesnt capture all of its upside, hence they rate the stock as a Strong Buy. Cadence Design Systems (NASDAQ:CDNS) also receives 1 more Buy recommendations from analysts who believe that the stock will do well going forward. A Zacks Investment Research rank of 3, which recommends a Hold affirms that they expect a large upside in the stock from the current levels. A total of 4 brokerage firms believe that the stock is fairly valued, hence they advise a Hold on the stock.
Cadence Design Systems (NASDAQ:CDNS) stock is expected to deviate a maximum of $2.51 from the average target price of $25.81 for the short term period. 8 Street Experts have initiated coverage on the stock with the most promising target being $29 and the most muted being $21.
For the current week, the company shares have a recommendation consensus of Buy. Also, Major Brokerage house, Needham downgrades its ratings on Cadence Design Systems (NASDAQ:CDNS). According to the latest information available, the shares are now rated Hold by the analysts at the agency. Previously, the analysts had a Buy rating on the shares. The rating by the firm was issued on June 14, 2016.
Cadence Design Systems (NASDAQ:CDNS): stock turned positive on Tuesday. Though the stock opened at $23.23, the bulls momentum made the stock top out at $23.64 level for the day. The stock recorded a low of $23.15 and closed the trading day at $23.6, in the green by 2.30%. The total traded volume for the day was 1,566,579. The stock had closed at $23.07 in the previous days trading.
In an insider trading activity, The Securities and Exchange Commission has divulged that Tan Lip Bu, director officer (President & CEO) of Cadence Design Systems Inc, had unloaded 150,000 shares at an average price of $24.39 in a transaction dated on June 15, 2016. The total value of the transaction was worth $3,658,500.
Cadence Design Systems, Inc. (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Companys 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 Company 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 companys customers include electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market segments, such as mobile and consumer devices, communications, cloud and data center infrastructure, medical systems and other devices.