Cadence Design Receives a Buy from RBC Capital

By Austin Angelo

In a report released yesterday, Amit Daryanani from RBC Capital reiterated a Buy rating on Cadence Design (NASDAQ: CDNS), with a price target of $33. The company’s shares closed yesterday at $31.38.

According to TipRanks.com, Daryanani is a top 25 analyst with an average return of 21.2% and a 81.5% success rate. Daryanani covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Benchmark Electronics, and Applied Materials.

Cadence Design has an analyst consensus of Moderate Buy, with a price target consensus of $33.

Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. Last month, Anirudh Devgan, the SVP of CDNS sold 20,000 shares for a total of $623,800.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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 two categories of intellectual property, commonly referred to as verification IP, and design IP. The company provides maintenance for their software, hardware, and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for advanced ICs and development of custom IP. Cadence Design Systems 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.