Robert W. Baird analyst Joseph Vruwink upgraded Cadence Design (CDNS) to Buy yesterday and set a price target of $157.00. The company’s shares closed last Wednesday at $140.35, close to its 52-week high of $149.08.
According to TipRanks.com, Vruwink is a 5-star analyst with an average return of 53.4% and a 93.9% success rate. Vruwink covers the Technology sector, focusing on stocks such as Q2 Holdings, Realpage, and Autodesk.
Currently, the analyst consensus on Cadence Design is a Moderate Buy with an average price target of $149.00, implying a 2.7% upside from current levels. In a report issued on February 10, Wells Fargo also maintained a Buy rating on the stock with a $160.00 price target.
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The company has a one-year high of $149.08 and a one-year low of $51.39. Currently, Cadence Design has an average volume of 1.44M.
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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.
