For Cadence Design Systems Inc. [CDNS], Analyst sees a rise to $200. What next?

Cadence Design Systems Inc. [NASDAQ: CDNS] gained 2.40% or 4.88 points to close at $207.82 with a heavy trading volume of 3227355 shares. The company report on March 14, 2023 that Meet the 2022 Cadence Women in Technology Scholarship Recipients.

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It opened the trading session at $202.10, the shares rose to $209.28 and dropped to $200.01, the range by which the price of stock traded the whole day. The daily chart for CDNS points out that the company has recorded 24.27% gains over the past six months. However, it is still -57.06% lower than its most recent low trading price.

If we look at the average trading volume of 1.54M shares, CDNS reached to a volume of 3227355 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Cadence Design Systems Inc. [CDNS]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CDNS shares is $214.29 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CDNS stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Atlantic Equities have made an estimate for Cadence Design Systems Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on January 17, 2023. The new note on the price target was released on December 16, 2022, representing the official price target for Cadence Design Systems Inc. stock. Previously, the target price had yet another raise to $200, while Deutsche Bank analysts kept a Buy rating on CDNS stock.

The Average True Range (ATR) for Cadence Design Systems Inc. is set at 5.01, with the Price to Sales ratio for CDNS stock in the period of the last 12 months amounting to 15.99. The Price to Book ratio for the last quarter was 20.41, with the Price to Cash per share for the same quarter was set at 3.22. Price to Free Cash Flow for CDNS in the course of the last twelve months was 50.89 with Quick ratio for the last quarter at 1.20.

Trading performance analysis for CDNS stock

Cadence Design Systems Inc. [CDNS] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.81. With this latest performance, CDNS shares gained by 4.38% in over the last four-week period, additionally plugging by 24.27% over the last 6 months – not to mention a rise of 45.84% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CDNS stock in for the last two-week period is set at 69.69, with the RSI for the last a single of trading hit 73.97, and the three-weeks RSI is set at 67.15 for Cadence Design Systems Inc. [CDNS]. The present Moving Average for the last 50 days of trading for this stock 185.96, while it was recorded at 201.24 for the last single week of trading, and 169.37 for the last 200 days.

Cadence Design Systems Inc. [CDNS]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Cadence Design Systems Inc. [CDNS] shares currently have an operating margin of +30.15 and a Gross Margin at +89.05. Cadence Design Systems Inc.’s Net Margin is presently recorded at +23.84.

Return on Equity for this stock inclined to 30.95, with Return on Assets sitting at 17.83.

Cadence Design Systems Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.30.

Cadence Design Systems Inc. [CDNS]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CDNS. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Cadence Design Systems Inc. go to 17.68%.

An analysis of insider ownership at Cadence Design Systems Inc. [CDNS]

There are presently around $48,741 million, or 90.20% of CDNS stock, in the hands of institutional investors. The top three institutional holders of CDNS stocks are: BLACKROCK INC. with ownership of 32,631,213, which is approximately 2.927% of the company’s market cap and around 0.60% of the total institutional ownership; VANGUARD GROUP INC, holding 32,323,435 shares of the stock with an approximate value of $6.72 billion in CDNS stocks shares; and STATE STREET CORP, currently with $2.3 billion in CDNS stock with ownership of nearly -1.421% of the company’s market capitalization.

434 institutional holders increased their position in Cadence Design Systems Inc. [NASDAQ:CDNS] by around 16,969,851 shares. Additionally, 419 investors decreased positions by around 18,084,347 shares, while 106 investors held positions by with 199,479,428 shares. The mentioned changes placed institutional holdings at 234,533,626 shares, according to the latest SEC report filing. CDNS stock had 134 new institutional investments in for a total of 1,316,978 shares, while 70 institutional investors sold positions of 736,713 shares during the same period.


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