Cadence Design (CDNS) Receives a Buy from Needham


Needham analyst Richard Valera maintained a Buy rating on Cadence Design (CDNS) today and set a price target of $76.00. The company’s shares closed last Monday at $66.75.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 8.7% and a 60.4% success rate. Valera covers the Consumer Goods sector, focusing on stocks such as Harmonic Inc, Adtran Inc, and Synopsys.

Cadence Design has an analyst consensus of Moderate Buy, with a price target consensus of $75.67, a 14.1% upside from current levels. In a report issued on October 11, Wells Fargo also upgraded the stock to Buy with a $80.00 price target.

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The company has a one-year high of $77.08 and a one-year low of $40.31. Currently, Cadence Design has an average volume of 1.78M.

Based on the recent corporate insider activity of 127 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CDNS in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Cadence Design Systems, Inc. engages 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 IP, and design IP. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A. Hjartarson, K. Bobby Chao, and K. Charles Janac in June 1988 and is headquartered in San Jose, CA.

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