Cadence Design Systems (CDNS) : Analyst Rating Update

Cadence Design Systems (CDNS) : 4 brokerage houses believe that Cadence Design Systems (CDNS) is a Strong Buy at current levels. 1 Analyst considers the fundamentals to be worthy of a Buy recommendation. 3 analysts believe that the current prices are in a balance with the stocks fundamentals, hence they propose Hold on Cadence Design Systems (CDNS). Zacks Investment Research suggests a Hold with a rank of 3.The median of all the 8 Wall Street Analysts endorse the stock as a Buy with a rating of 1.88.

Cadence Design Systems (CDNS) : Average target price received by Cadence Design Systems (CDNS) is $25.81 with an expected standard deviation of $2.51. The most aggressive target on the stock is $29, whereas the most downbeat target is $21. 8 financial analysts are currently covering the stock.

Cadence Design Systems (NASDAQ:CDNS): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $24.34 and $24.19 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $24.51. The buying momentum continued till the end and the stock did not give up its gains. It closed at $24.44, notching a gain of 0.16% for the day. The total traded volume was 2,634,174 . The stock had closed at $24.40 on the previous day.

Also, Brokerage firm Needham downgrades its rating on Cadence Design Systems (NASDAQ:CDNS). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by the firm was issued on June 14, 2016. The company shares have rallied 26.95% 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 $24.43 and the 200 Day Moving Average price is recorded at $22.43.

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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