Piper Jaffray Cos. dropped their price target on shares of Cadence Design Systems (NASDAQ:CDNS) from $20.00 to $19.00 in a research note issued on Thursday, StockRatingsNetwork reports. Piper Jaffray Cos.’s target price would indicate a potential upside of 31.03% from the company’s current price.
CDNS has been the subject of a number of other recent research reports. Analysts at Needham & Company raised their price target on shares of Cadence Design Systems from $15.00 to $16.50 in a research note to investors on Thursday, July 25th. They now have a “buy” rating on the stock. Separately, analysts at Zacks upgraded shares of Cadence Design Systems from a “neutral” rating to an “outperform” rating in a research note to investors on Friday, July 5th. They now have a $15.40 price target on the stock. Finally, analysts at Topeka Capital Markets initiated coverage on shares of Cadence Design Systems in a research note to investors on Thursday, June 6th. They set a “buy” rating and a $18.00 price target on the stock.
Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and a consensus target price of $16.94.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.01. The company had revenue of $362.00 million for the quarter, compared to the consensus estimate of $359.60 million. During the same quarter last year, the company posted $0.19 earnings per share. Cadence Design Systems’s revenue was up 11.0% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems will post $0.86 earnings per share for the current fiscal year.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
