Equities research analysts at Pacific Crest began coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “sector perform” rating on the stock.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded down 1.89% during mid-day trading on Tuesday, hitting $14.50. Cadence Design Systems has a 52 week low of $11.61 and a 52 week high of $15.96. The stock’s 50-day moving average is currently $14.95. The company has a market cap of $4.117 billion and a P/E ratio of 9.24.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.21 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.01. The company had revenue of $362.00 million for the quarter, compared to the consensus estimate of $359.60 million. During the same quarter last year, the company posted $0.19 earnings per share. Cadence Design Systems’s revenue was up 11.0% compared to the same quarter last year. Analysts expect that Cadence Design Systems will post $0.86 EPS for the current fiscal year.
CDNS has been the subject of a number of other recent research reports. Analysts at Piper Jaffray Cos. cut their price target on shares of Cadence Design Systems from $20.00 to $19.00 in a research note to investors on Thursday, July 25th. Separately, analysts at Needham & Company raised their price target on shares of Cadence Design Systems from $15.00 to $16.50 in a research note to investors on Thursday, July 25th. They now have a “buy” rating on the stock. Finally, analysts at Zacks upgraded shares of Cadence Design Systems from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, July 5th. They now have a $15.40 price target on the stock.
Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Cadence Design Systems currently has an average rating of “Buy” and an average price target of $16.94.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).