Cadence Design Systems, Inc. (NASDAQ:CDNS):
Cadence Announces General Availability of Tensilica Xtensa LX7 Processor Architecture, Increasing Floating-Point Scalability with 2 to 64 FLOPS/Cycle.
The company is now up by 0.04% since yesterday’s close of $24.78.
Company shares last traded at $24.79 which is marginally lower than $25.01, the stock’s 50 day moving average and marginally over the 200 day moving average of $24.31. The 50 day moving average was down $-0.23 and the 200 day average moved up $0.47.
Cadence Design Systems, Inc. currently has a P/E ratio of 29.36 and market capitalization is 7.24B. As of the last earnings report the EPS was $0.84 and is projected to be $1.20 for the current year with 292,338,000 shares outstanding. Next quarter’s EPS is estimated at $0.35 with next year’s EPS projected to be $1.36.
Traders are a little more bearish of late as implied by the uptick in short interest. The firm had a rise in short interest of 0.05% as of September 15, 2016 from the last reporting period. Short shares increased 610,804 over that period. Days to cover increased from 6.3 to 7.2 and the short interest percentage is 0.04% as of September 15.
Several brokerage analysts have provided guidance on Cadence Design Systems, Inc.. On June 14 the stock rating was downgraded to “Hold” from “” by analysts at Needham. On June 6 analysts at RBC Capital initiated coverage giving it an initial rating of “Outperform” and price target of $29.00.
On April 6 the company was downgraded from “Buy” to “Neutral” in a report from DA Davidson. Benchmark added the stock to its research portfolio with a rating of “Hold” and setting a price target of $22.00.
On July 28 JP Morgan made no change to the company rating of “Neutral” but raised the price expectation from $19.00 to $21.00. April 28 investment analysts at JP Morgan left the stock rating at “Neutral” and raised the price expectation to $19.00 from $18.00.