Cadence Design Systems, Inc. (NASDAQ:CDNS) does about 1.50M shares in volume on a normal day but saw 1192665 shares change hands in Tuesday trading. The company now has a market cap of 84.89B USD. Its current market price is $311.41, marking an increase of 0.10% compared to the previous close of $311.09. 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 $310.91 and the current price is -4.87% off the 52-week high compared with 60.51% distance from its 52-week low. The 50-day simple moving average of the closing price is $305.32 and its 200-day simple moving average is $262.78. If we look at the stock’s price movements over the week, volatility stands at 2.44%, which decreases to 2.14% 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 52.59 to suggest the stock is neutral.
The consensus objective for the share price is $322.75, suggesting that the stock has a potential upside of 3.51% over the period.
The company shares received a number of brokerage firm price updates over the past month, with the latest being on April 04, 2024 when Piper Sandler initiated the stock to “Neutral” and issued a price target of $334. Morgan Stanley upgraded the stock to “Overweight” from Equal-Weight on February 14, 2024 at a price target of $350. Rosenblatt downgraded its price target at $280.
Cadence Design Systems, Inc. (CDNS) stock is up 1.65% over the week and 0.91% over the past month. Its price is 14.33% year-to-date and 49.34% 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 16.80% over next year. Expected sales for next quarter are $1.11 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 3.51 percent from here.
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 81.57 while the forward price to earnings ratio is 44.88. The beta has a value of 1.03. Price to book ratio is 24.85 and price to sales ratio is 20.76.
