New Buy Rating for Cadence Design (CDNS), the Technology Giant


In a report released yesterday, Gary Mobley from Wells Fargo maintained a Buy rating on Cadence Design (CDNS). The company’s shares closed last Thursday at $127.30, close to its 52-week high of $127.50.

According to TipRanks.com, Mobley is a 5-star analyst with an average return of 22.3% and a 71.9% success rate. Mobley covers the Technology sector, focusing on stocks such as Allegro MicroSystems, NXP Semiconductors, and Skyworks Solutions.

Cadence Design has an analyst consensus of Strong Buy, with a price target consensus of $130.50, a 3.3% upside from current levels. In a report issued on December 9, J.P. Morgan also upgraded the stock to Buy with a $145.00 price target.

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Based on Cadence Design’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $667 million and net profit of $162 million. In comparison, last year the company earned revenue of $580 million and had a net profit of $102 million.

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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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