Wells Fargo analyst Gary Mobley maintained a Buy rating on Cadence Design (CDNS) yesterday. The company’s shares closed last Monday at $103.70.
According to TipRanks.com, Mobley is a 5-star analyst with an average return of 15.9% and a 67.7% success rate. Mobley covers the Technology sector, focusing on stocks such as Silicon Laboratories, Skyworks Solutions, and ON Semiconductor.
Currently, the analyst consensus on Cadence Design is a Strong Buy with an average price target of $96.00, which is a -4.6% downside from current levels. 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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Based on Cadence Design’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $618 million and net profit of $124 million. In comparison, last year the company earned revenue of $577 million and had a net profit of $121 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.
