Cadence Design Systems Scores a Triple (NASDAQ:CDNS)

Cadence Design Systems Inc. (NASDAQ:CDNS) got triple whammy good news today as the analysts DA Davidson upgraded them, their profit rose immensely, and the stock hit a new 52-week high. 

CDNS shares closed the day at $11.64, up a hefty 7.78% on heavy volume of just over 14M shares traded.

Cadence Design Systems shares were up 8% in midday trading Thursday, after the maker of chip design software late Wednesday released earnings that soared 143% and beat analyst expectations.  For Q4, Cadence reported earnings per share of 17 cents, minus items, up from 7 cents in the year-ago quarter. Wall street had expected EPS of 15 cents, according to analysts polled by Thomson Reuters. Revenue rose 24% to $308 million; analysts expected $300 million. – Investor’s Business Daily

Analyst Research Firm DA Davidson also upgraded Cadence Design Systems, lifting their outlook from Neutral to BUY.  They set their price target $14, which is +20% from today’s closing price.

Cadence Design Systems Inc (CDNS) shares hit a new 52-week high today of $11.84.  Over the past 12 months Cadence Design Systems Inc shares have traded between $8.09 and today's new high of $11.84.  Cadence Design Systems Inc (CDNS) shares are now trading with a P/E Ratio of 128.4 and EPS of 0.08.  Over the past 12 months Cadence Design Systems Inc (CDNS) shares have traded between a 52-week low of $8.09 and its 52-week high of $11.84.  Cadence Design Systems, Inc. develops electronic design automation software and hardware for customers worldwide.