Cadence Design (CDNS): New Buy Recommendation for This Technology Giant

Needham analyst Richard Valera maintained a Buy rating on Cadence Design (CDNSResearch Report) today and set a price target of $126.00. The company’s shares closed last Monday at $113.56, close to its 52-week high of $118.22.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 18.3% and a 65.1% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cadence Design with a $124.00 average price target, implying a 7.4% upside from current levels. In a report issued on October 8, RBC Capital also maintained a Buy rating on the stock with a $122.00 price target.

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The company has a one-year high of $118.22 and a one-year low of $51.39. Currently, Cadence Design has an average volume of 1.51M.

Based on the recent corporate insider activity of 133 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CDNS in relation to earlier this year.

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Cadence Design Systems, Inc. engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A. Hjartarson, K. Bobby Chao, and K. Charles Janac in June 1988 and is headquartered in San Jose, CA.