Cadence Design Systems Inc. (NASDAQ: CDNS) is 26.79% higher on its value in year-to-date trading and has touched a low of $138.76 and a high of $219.09 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The CDNS stock was last observed hovering at around $205.76 in the last trading session, with the day’s loss setting it -2.09% off its average median price target of $228.00 for the next 12 months. It is also 15.14% off the consensus price target high of $240.00 offered by 17 analysts, but current levels are 3.01% higher than the price target low of $210.00 for the same period.
Currently trading at $203.67, the stock is -1.48% and -2.20% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 1.5 million and changing -1.02% at the moment leaves the stock 12.67% off its SMA200. CDNS registered 37.96% gain for a year compared to 6-month gain of 25.83%. The firm has a 50-day simple moving average (SMA 50) of $16.34 and a 200-day simple moving average (SMA200) of $48.34.
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The stock witnessed a -0.11% loss in the last 1 month and extending the period to 3 months gives it a 3.59%, and is -0.24% down over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.75% over the week and 2.03% over the month.
Cadence Design Systems Inc. (CDNS) has around 10200 employees, a market worth around $55.57B and $3.68B in sales. Current P/E ratio is 65.22 and Fwd P/E is 35.63. Profit margin for the company is 23.20%. Distance from 52-week low is 46.78% and -7.04% from its 52-week high. The company has generated returns on investments over the last 12 months (25.10%).
Cadence Design Systems Inc. (CDNS) Analyst Forecasts
Analyst recommendations provided by FactSet shows that the consensus forecast for Cadence Design Systems Inc. (CDNS) is a “Overweight”. 17 analysts offering their recommendations for the stock have an average rating of 1.90, where 3 rate it as a Hold and 3 think it is a “Overweight”. 10 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.
Cadence Design Systems Inc. is expected to release its quarterly report on 07/24/2023.The EPS is expected to grow by 23.70% this year
Cadence Design Systems Inc. (CDNS) Top Institutional Holders
The shares outstanding are 272.68M, and float is at 270.03M with Short Float at 1.25%.
Cadence Design Systems Inc. (CDNS) Insider Activity
A total of 120 insider transactions have happened at Cadence Design Systems Inc. (CDNS) in the last six months, with sales accounting for 103 and purchases happening 17 times. The most recent transaction is an insider sale by BECKLEY THOMAS P, the company’s Sr. Vice President. SEC filings show that BECKLEY THOMAS P sold 50,000 shares of the company’s common stock on May 19 at a price of $217.29 per share for a total of $10.86 million. Following the sale, the insider now owns 0.19 million shares.
Cadence Design Systems Inc. disclosed in a document filed with the SEC on May 18 that BECKLEY THOMAS P (Sr. Vice President) sold a total of 76,003 shares of the company’s common stock. The trade occurred on May 18 and was made at $209.33 per share for $15.91 million. Following the transaction, the insider now directly holds 0.19 million shares of the CDNS stock.
Still, SEC filings show that on May 16, TAN LIP BU (Former Executive Chair) disposed off 42,500 shares at an average price of $202.55 for $8.61 million. The insider now directly holds 602,589 shares of Cadence Design Systems Inc. (CDNS).
Cadence Design Systems Inc. (CDNS): Who are the competitors?
The company’s main competitors (and peers) include Fortinet Inc. (FTNT) that is trading 16.27% up over the past 12 months and Synopsys Inc. (SNPS) that is 28.80% higher over the same period. Palo Alto Networks Inc. (PANW) is 22.52% up on the 1-year trading charts.