Cadence Design Systems, Inc. (CDNS) concluded trading on Thursday at a closing price of $285.90, with 2.7 million shares of worth about $771.99 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 14.35% during that period and on April 18, 2024 the price saw a loss of about -2.66%. Currently the company’s common shares owned by public are about 271.71M shares, out of which, 270.17M shares are available for trading.
However, the stock later moved at a day high price of 306.89, or with a loss of -2.66%. Stock saw a price change of -7.80% in past 5 days and over the past one month there was a price change of -8.32%. Year-to-date (YTD), CDNS shares are showing a performance of 4.97% which increased to 33.74% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $194.01 but also hit the highest price of $327.36 during that period. The average intraday trading volume for Cadence Design Systems, Inc. shares is 1.46 million. The stock is currently trading -7.77% below its 20-day simple moving average (SMA20), while that difference is down -6.70% for SMA50 and it goes to 7.88% higher than SMA200.
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Cadence Design Systems, Inc. (NASDAQ: CDNS) currently have 271.71M outstanding shares and institutions hold larger chunk of about 88.64% of that.
The stock has a current market capitalization of $77.94B and its 3Y-monthly beta is at 1.04. PE ratio of stock for trailing 12 months is 74.89, while it has posted earnings per share of $3.82 in the same period. Its PEG reads 4.39 and has Quick Ratio of 1.13 while making debt-to-equity ratio of 0.24. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CDNS, volatility over the week remained 2.94% while standing at 2.25% over the month.
Stock’s fiscal year EPS is expected to rise by 15.20% while it is estimated to increase by 17.37% in next year. EPS is likely to shrink at an annualized rate of 17.05% for next 5-years, compared to annual growth of 25.42% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Piper Sandler on April 04, 2024 offering a Neutral rating for the stock and assigned a target price of $334 to it. Coverage by Morgan Stanley stated Cadence Design Systems, Inc. (CDNS) stock as an Overweight in their note to investors on February 14, 2024, suggesting a price target of $350 for the stock. On February 13, 2024, Rosenblatt Downgrade their recommendations, while on November 10, 2023, Morgan Stanley Initiated their ratings for the stock with a price target of $260. Stock get a Buy rating from Stifel on July 20, 2023.
