Cadence Design Systems, Inc. (NASDAQ:CDNS):
Cadence Recognized with Four TSMC Partner of the Year Awards.
The company is up since yesterday’s close of $24.78.
Company shares last traded at $25.17 which is just a bit higher than $25.01, the stock’s 50 day moving average and just above the 200 day moving average of $24.31. The 50 day moving average was up $0.14 whereas the 200 day moving average was up $0.84 or +3.45%.
The company’s P/E ratio is 29.80 and the market value is 7.35B. In 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 presently outstanding. Next quarter’s EPS is forecasted at $0.35 with next year’s EPS anticipated to be $1.36.
Traders are feeling more bearish on Cadence Design Systems, Inc. recently if you consider the increase in short interest. The stock had a rise in short interest of 0.05% between August 31, 2016 and September 15, 2016. Short shares grew 610,804 over that timeframe. Days to cover increased 0.9 to 7.2 and the short interest percentage is 0.04% as of September 15.
Several brokerages have issued ratings on CDNS recently. On June 14, 2016 the stock rating was set at “Hold” according to a Needham report which is down from the previous “” rating. On June 6 analysts at RBC Capital began coverage of the stock with a rating of “Outperform” and a price target of $29.00.
On April 6 the stock rating was downgraded from “Buy” to “Neutral” by DA Davidson. Equity analyst Benchmark started covering the stock with an initial rating of “Hold” and price target of $22.00.
July 28 investment analysts at JP Morgan held the stock rating at “Neutral” and raised the price expectation to $21.00 from $19.00. On April 28 JP Morgan kept the company rating at “Neutral” and raised the price target from $18.00 to $19.00.