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KeyBanc lifts Cadence Design Systems [CDNS] rating to Overweight and price target to $155

KeyBanc took its Cadence Design Systems [CDNS] rating to the equivalent of Overweight from Sector ‎Weight, and the price target to $155, in a research note dated 2021-01-05. That figure represents ‎around a 14.17% premium from where the company’s shares closed on Monday. Some new analysts ‎also started their coverage, with UBS’s analysts assigning the shares to “a Neutral” rating in a research ‎note to investors issued in late May. Meanwhile, BofA/Merrill had raised its rating on CDNS to “Buy” ‎from the earlier “Neutral”, in a research note produced for clients April 22, 2020. In addition, Robert W. ‎Baird launched coverage on February 19, 2020. The research firm rated CDNS “an Outperform”.

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Is Cadence Design Systems Inc. [NASDAQ:CDNS] a ‎Good Buy Right Now?

It should be noted that CDNS technical indicators for short, intermediate ‎as well as long term progress have placed an overall average of 100% as Buy. The average signal ‎changed from 100% Buy in the last week and compares with 96% Buy in the past month. Data from ‎Cadence Design Systems Inc.’s Trend Spotter indicated that the signals were Weakest. The stock ‎current average is 1.4 million shares in the past 20 days and the short term average signal indicates a ‎‎100% Buy. In the last 50 days, the average trading volume was 1.49 million shares while the medium ‎term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-‎day average volume stands at 1.49 million shares.

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CDNS Price Performance

On Wall Street, ‎Cadence Design Systems Inc. [NASDAQ:CDNS] finished Monday’s session down -0.49% at $135.76. The ‎stock went up to $138.31 at the same session while its lowest single day price was $133.51. In the last ‎five days, it saw a rise of about 1.31%, Cadence Design Systems Inc. shares dropped by almost -0.49% ‎since the beginning of the year. However, the share price has dropped to as low as -0.79% below its ‎one year high. On 01/04/21, the company shares recorded $138.31, the highest single-day price it has ‎got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $133.51. The ‎company’s shares have inclined by 92.79% in the past year. The 50-day SMA achieved is $119.36 while ‎the 200-day SMA is $100.74. Volume gained to 2.5 million from 0.77 million in the previous ‎session.

Cadence Design Systems Inc. [CDNS] Valuation Measures

Notably, Cadence Design ‎Systems Inc. [CDNS] stock cannot be classified as a good candidate in the listing of underestimated ‎low-priced Software – Application companies to purchase soonest possible with the prevailing 12-‎month PE ratio of 35.29. The measure means the stock is exchanging at a premium as compared to the ‎‎32.69x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ‎ratio, more specifically, a 14.88 PS value ratio is reported for the last one year of reported earnings. ‎That is higher than the industry average of 2.94 which means CDNS serve an unattractive investment ‎opportunity compared to its competitors.

CDNS Stock Support And Resistance Levels

On the ‎‎24-hour scale, the immediate backing is perceived around 133.41 level, and in case of violation of this ‎particular level, it will cause more drop to 131.06 level. On the upper level, 140.66 is still the key ‎resistance. The stock may increase to the subsequent resistance at 138.21. The Relative Strength Index ‎‎(RSI) pinned on the 14-day chart is 73.02, implying a overbought technical stance while the MACD ‎stands at 4.51, meaning price will increase in the next trading period. Percent R indicator moved to ‎‎12.81%, implying bullish price movement. Stochastic %K at 94.39% suggest selling the stock.

What ‎is the short interest in Cadence Design Systems Inc.?

Short interest in the Cadence Design ‎Systems Inc. stock has surged, increasing by 0.23 million shares to total 2.83 million shares on Dec 14, ‎‎2020. The interest had seen shares on Nov 12, 2020 stand at 3.06 million, data from Yahoo Finance ‎shows. The decrease of -8.13% suggests the stock saw some decreased bullish sentiment. The stock’s ‎days to cover (short ratio) moved to while the shorted shares account for just 1.18% of the overall ‎float for the stock.

Cadence Design Systems Inc.’s Biggest Shareholders: Who Owns Cadence ‎Design Systems Inc. [CDNS]?

Filings by The Vanguard Group, Inc. showed that the firm now holds ‎a total of 31,045,647 shares or roughly 11.13% of the outstanding CDNS shares. This means their shares ‎have reduced by -1,054,887 from the 31,045,647 the investor reportedly held in its prior 13-F filing. ‎With the conclusion of the sale, Massachusetts Financial Services updated stake is worth ‎‎$3,125,774,166. Details in the latest 13F filings reveal that BlackRock Fund Advisors acquired their 0.06% ‎stake valued at $1,955,669,399 while MFS International added theirs at $1,627,194,587. During the last ‎quarter, BlackRock Fund Advisors raised 9,448 of its shares in Cadence Design Systems Inc. while MFS ‎International bought 10,191 shares. The SSgA Funds Management, Inc.’s holdings currently number ‎‎12,340,293 shares at $1675318177.68. According to the firm’s last 13F report, Parnassus Investments ‎shares in the company at filing stood at 6,827,534 shares, roughly $794,042,204.

CDNS Earnings ‎Forecast For The Current Quarter

Cadence Design Systems Inc. [CDNS] is expected to report ‎strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company ‎expected revenues of $732.01M and an earnings per share of $0.74 for Dec 2020. Looking further ‎ahead, the company is expected to report revenue of $703.11M at an EPS of $0.71 for Mar 2021. The ‎estimates represent upside of 6.60% and 6.27% in the company’s revenue and earnings per share, ‎respectively, on a year-on-year basis.

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CDNS Earnings ‎Estimates For The Current Year

For the financial year, Cadence Design Systems Inc. ‎‎[NASDAQ:CDNS] is expected to bring in revenue of $2.66B. The returns are nearly $320.0 million higher ‎than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, ‎estimate put it at 2.7, higher than that of FY19 by $0.5. Estimates put this year’s earnings growth at ‎‎22.70%, 6.30% for the next, and at an annual 15.40% over the next 5-year period. As for sales, ‎forecasts are for an increase of 13.60% in the current fiscal year and a further 6.60% over the following ‎year.‎

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