Cadence Design Systems, Inc. (NASDAQ:CDNS) does about 1.53M shares in volume on a normal day but saw 1213838 shares change hands in Tuesday trading. The company now has a market cap of 83.51B USD. Its current market price is $306.36, marking a decrease of -1.85% compared to the previous close of $312.13. The 52 week high reached by this stock is $327.36 whilst the lowest price level in 52 weeks is $194.01.
Cadence Design Systems, Inc. (CDNS) has a 20-day trading average at $311.17 and the current price is -6.41% off the 52-week high compared with 57.91% distance from its 52-week low. The 50-day simple moving average of the closing price is $303.73 and its 200-day simple moving average is $260.85. If we look at the stock’s price movements over the week, volatility stands at 1.88%, which increases to 2.26% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 47.91 to suggest the stock is neutral.
The consensus objective for the share price is $321.94, suggesting that the stock has a potential upside of 4.84% over the period.
The company shares received a number of brokerage firm price updates over the past month, with the latest being on February 14, 2024 when Morgan Stanley upgraded the stock to “Overweight” and issued a price target of $350. Rosenblatt downgraded the stock to “Neutral” from Buy on February 13, 2024 at a price target of $280. Morgan Stanley initiated its price target at $260.
Cadence Design Systems, Inc. (CDNS) stock is down -3.12% over the week and -2.82% over the past month. Its price is 12.48% year-to-date and 47.99% over the past year.
The stock last released its quarterly earnings report for quarter ended 12/30/2023, with the company’s earnings per share (EPS) of $1.38 above consensus estimates by $0.05. CDNS’s earnings per share are forecast to grow by 15.30% this year and 17.00% over next year. Expected sales for next quarter are $1.1 billion, which analysts say will come at $4.59 billion for the current fiscal year and next year at $5.19 billion. In addition, estimates put the company’s current quarterly revenue at an average of $1 billion.
To reach the target analysts have set, the stock logically needs to grow 4.84 percent from here.
Outstanding shares total 271.71M with insiders holding 0.82% of the shares and institutional holders owning 91.41% of the company’s common stock. The company has a return on investment of 27.26% and return on equity of 33.86%. The price to earnings ratio (P/E ratio) amounts to 80.25 while the forward price to earnings ratio is 44.12. The beta has a value of 1.03. Price to book ratio is 24.45 and price to sales ratio is 20.42.
