In a report released yesterday, Pradeep Ramani from UBS maintained a Hold rating on Cadence Design (CDNS), with a price target of $125.00. The company’s shares closed last Wednesday at $116.97, close to its 52-week high of $118.22.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cadence Design with a $114.57 average price target.
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Based on Cadence Design’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $638 million and net profit of $131 million. In comparison, last year the company earned revenue of $580 million and had a net profit of $107 million.
Based on the recent corporate insider activity of 132 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.
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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.
