During the last session, Cadence Design Systems Inc. (NASDAQ:CDNS)’s traded shares were 0.9 million, with the beta value of the company hitting 1.02. At the end of the trading day, the stock’s price was $165.71, reflecting an intraday gain of 0.31% or $0.52. The 52-week high for the CDNS share is $165.63, that puts it up 0.05 from that peak though still a striking 41.19% gain since the share price plummeted to a 52-week low of $97.45. The company’s market capitalization is $44.99B, and the average intraday trading volume over the past 10 days was 0.98 million shares, and the average trade volume was 1.17 million shares over the past three months.
Cadence Design Systems Inc. (CDNS) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.30. CDNS has a Sell rating from 0 analyst(s) out of 16 analysts who have looked at this stock. 5 analyst(s) recommend to Hold the stock while 1 suggest Overweight, and 8 recommend a Buy rating for it. 2 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.76.
Cadence Design Systems Inc. (NASDAQ:CDNS) trade information
Cadence Design Systems Inc. (CDNS) registered a 0.31% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 0.31% in intraday trading to $165.71 this Friday, 09/03/21, hitting a weekly high. The stock’s 5-day price performance is 1.99%, and it has moved by 9.19% in 30 days. Based on these gigs, the overall price performance for the year is 53.35%. The short interest in Cadence Design Systems Inc. (NASDAQ:CDNS) is 2.62 million shares and it means that shorts have 2.47 day(s) to cover.
The consensus price target of analysts on Wall Street is $163.86, which implies a decrease of -1.13% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $145.00 and $175.00 respectively. As a result, CDNS is trading at a discount of -5.61% off the target high and 12.5% off the low.
Cadence Design Systems Inc. (CDNS) estimates and forecasts
Statistics show that Cadence Design Systems Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Cadence Design Systems Inc. (CDNS) shares have gone up 38.46% during the last six months, with a year-to-date growth rate more than the industry average at 13.21% against 3.50. Yet analysts are ramping up their growth forecast for the fiscal year 2021. Revenue is predicted to grow 8.60% this quarter and then drop -10.80% in the quarter after that. In the rating firms’ projections, revenue will increase 10.00% compared to the previous financial year.
Revenue for the current quarter is expected to be $742.39 million as predicted by 13 analyst(s). Meanwhile, a consensus of 12 analyst(s) estimates revenue growth to $746.27 million by the end of Dec 2021. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $666.61 million and $759.91 million respectively. In this case, analysts expect current quarter sales to grow by 11.40% and then drop by -1.80% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 21.20%. While earnings are projected to return -40.10% in 2021, the next five years will return 11.70% per annum.
Cadence Design Systems Inc. is due to release its next quarterly earnings between October 18 and October 22. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.
Cadence Design Systems Inc. (NASDAQ:CDNS)’s Major holders
Cadence Design Systems Inc. insiders own 1.39% of total outstanding shares while institutional holders control 88.05%, with the float percentage being 89.29%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 1,103 institutions own stock in it. As of Jun 29, 2021, the company held over 31.52 million shares (or 11.39% of all shares), a total value of $4.31 billion in shares.
The next largest institutional holding, with 31.14 million shares, is of Blackrock Inc.’s that is approximately 11.25% of outstanding shares. At the market price on Jun 29, 2021, these shares were valued at $4.26 billion.
Also, the Mutual Funds coming in first place with the largest holdings of Cadence Design Systems Inc. (CDNS) shares are MFS Series Trust X-MFS International Intrinsic Value Fund and Vanguard Total Stock Market Index Fund. Data provided on May 30, 2021 indicates that MFS Series Trust X-MFS International Intrinsic Value Fund owns about 10.53 million shares. This amounts to just over 3.80 percent of the company’s overall shares, with a $1.34 billion market value. The same data shows that the other fund manager holds slightly less at 7.86 million, or about 2.84% of the stock, which is worth about $1.08 billion.