Needham Believes Cadence Design (CDNS) Still Has Room to Grow


Needham analyst Richard Valera maintained a Buy rating on Cadence Design (CDNS) today and set a price target of $115.00. The company’s shares closed last Monday at $103.70, close to its 52-week high of $104.34.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 13.8% and a 63.5% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cadence Design with a $103.57 average price target, representing a 2.9% upside. In a report issued on July 9, Merrill Lynch also maintained a Buy rating on the stock with a $115.00 price target.

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The company has a one-year high of $104.34 and a one-year low of $51.39. Currently, Cadence Design has an average volume of 2M.

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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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