Price Target Update on Cadence Design Systems (NASDAQ:CDNS)

Cadence Design Systems (NASDAQ:CDNS) : 8 Wall Street analysts covering Cadence Design Systems (NASDAQ:CDNS) believe that the average level the stock could reach for the short term is $25.81. The maximum price target given is $29 and the minimum target for short term is around $21, hence the standard deviation is calculated at $2.51.

Other Equity analysts have also commented on the company shares. Equity Analysts at the Brokerage Firm, Needham, downgrades their rating on the shares of Cadence Design Systems (NASDAQ:CDNS). Needham has a Hold rating on the shares. Previously, the analysts had a Buy rating on the shares. The rating by the firm was issued on June 14, 2016.

Cadence Design Systems (NASDAQ:CDNS): stock turned positive on Thursday. Though the stock opened at $24.41, the bulls momentum made the stock top out at $24.635 level for the day. The stock recorded a low of $24.25 and closed the trading day at $24.62, in the green by 1.36%. The total traded volume for the day was 2,949,088. The stock had closed at $24.29 in the previous days trading.

The company shares have rallied 20.61% from its 1 Year high price. On May 25, 2016, the shares registered one year high at $25.49 and the one year low was seen on Aug 24, 2015. The 50-Day Moving Average price is $24.29 and the 200 Day Moving Average price is recorded at $22.26. On the companys insider trading activities, The director officer (President & CEO), of Cadence Design Systems Inc, Tan Lip Bu had unloaded 150,000 shares at $24.39 per share in a transaction on June 15, 2016. The total value of transaction was $3,658,500. The Insider information was revealed by the Securities and Exchange Commission in a Form 4 filing.

Cadence Design Systems, Inc. (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Companys SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP) verification IP (VIP) and design IP. The Company provides maintenance for its software, emulation hardware and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for ICs and development of custom IP. The companys customers include electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market segments, such as mobile and consumer devices, communications, cloud and data center infrastructure, medical systems and other devices.

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