Intrinsic value of Cadence Design Systems - CDNS

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$32.88

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$32.88

 
Intrinsic value

$20.47

 
Up/down potential

-38%

 
Rating

sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CDNS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.70
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  1,816
  1,938
  2,064
  2,196
  2,333
  2,476
  2,624
  2,779
  2,941
  3,109
  3,285
  3,469
  3,661
  3,861
  4,071
  4,291
  4,520
  4,760
  5,012
  5,275
  5,551
  5,840
  6,143
  6,460
  6,793
  7,142
  7,508
  7,891
  8,294
  8,716
  9,159
Variable operating expenses, $m
 
  1,610
  1,712
  1,817
  1,927
  2,041
  2,160
  2,285
  2,414
  2,549
  2,690
  2,780
  2,934
  3,095
  3,263
  3,439
  3,623
  3,815
  4,017
  4,228
  4,449
  4,681
  4,923
  5,178
  5,444
  5,724
  6,017
  6,325
  6,647
  6,985
  7,340
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,571
  1,610
  1,712
  1,817
  1,927
  2,041
  2,160
  2,285
  2,414
  2,549
  2,690
  2,780
  2,934
  3,095
  3,263
  3,439
  3,623
  3,815
  4,017
  4,228
  4,449
  4,681
  4,923
  5,178
  5,444
  5,724
  6,017
  6,325
  6,647
  6,985
  7,340
Operating income, $m
  245
  327
  353
  379
  406
  434
  464
  494
  527
  560
  595
  689
  727
  767
  808
  852
  897
  945
  995
  1,047
  1,102
  1,160
  1,220
  1,283
  1,349
  1,418
  1,491
  1,567
  1,647
  1,731
  1,818
EBITDA, $m
  365
  445
  475
  505
  536
  569
  603
  639
  676
  715
  755
  797
  842
  888
  936
  986
  1,039
  1,094
  1,152
  1,213
  1,276
  1,343
  1,412
  1,485
  1,562
  1,642
  1,726
  1,814
  1,907
  2,004
  2,105
Interest expense (income), $m
  21
  26
  30
  34
  38
  42
  46
  50
  55
  59
  64
  70
  75
  81
  87
  93
  99
  106
  113
  120
  128
  136
  145
  154
  163
  173
  183
  194
  205
  217
  230
Earnings before tax, $m
  237
  301
  323
  345
  368
  393
  418
  444
  472
  501
  531
  619
  652
  686
  722
  759
  798
  839
  882
  927
  974
  1,023
  1,075
  1,129
  1,186
  1,245
  1,307
  1,373
  1,441
  1,513
  1,589
Tax expense, $m
  34
  81
  87
  93
  99
  106
  113
  120
  127
  135
  143
  167
  176
  185
  195
  205
  216
  227
  238
  250
  263
  276
  290
  305
  320
  336
  353
  371
  389
  409
  429
Net income, $m
  203
  220
  236
  252
  269
  287
  305
  324
  344
  365
  387
  452
  476
  501
  527
  554
  583
  613
  644
  677
  711
  747
  785
  824
  866
  909
  954
  1,002
  1,052
  1,105
  1,160

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  468
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,097
  1,738
  1,851
  1,969
  2,092
  2,220
  2,353
  2,492
  2,637
  2,788
  2,946
  3,111
  3,283
  3,463
  3,651
  3,848
  4,054
  4,269
  4,495
  4,731
  4,979
  5,238
  5,509
  5,794
  6,092
  6,405
  6,733
  7,078
  7,438
  7,817
  8,214
Adjusted assets (=assets-cash), $m
  1,629
  1,738
  1,851
  1,969
  2,092
  2,220
  2,353
  2,492
  2,637
  2,788
  2,946
  3,111
  3,283
  3,463
  3,651
  3,848
  4,054
  4,269
  4,495
  4,731
  4,979
  5,238
  5,509
  5,794
  6,092
  6,405
  6,733
  7,078
  7,438
  7,817
  8,214
Revenue / Adjusted assets
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
  1.115
Average production assets, $m
  512
  546
  582
  619
  658
  698
  740
  784
  829
  877
  926
  978
  1,032
  1,089
  1,148
  1,210
  1,275
  1,342
  1,413
  1,488
  1,565
  1,647
  1,732
  1,822
  1,916
  2,014
  2,117
  2,225
  2,339
  2,458
  2,583
Working capital, $m
  116
  -322
  -343
  -365
  -387
  -411
  -436
  -461
  -488
  -516
  -545
  -576
  -608
  -641
  -676
  -712
  -750
  -790
  -832
  -876
  -921
  -969
  -1,020
  -1,072
  -1,128
  -1,186
  -1,246
  -1,310
  -1,377
  -1,447
  -1,520
Total debt, $m
  693
  730
  821
  915
  1,014
  1,116
  1,223
  1,334
  1,450
  1,572
  1,698
  1,830
  1,968
  2,112
  2,263
  2,420
  2,585
  2,758
  2,938
  3,128
  3,326
  3,533
  3,751
  3,979
  4,218
  4,469
  4,731
  5,007
  5,296
  5,599
  5,917
Total liabilities, $m
  1,355
  1,392
  1,483
  1,577
  1,676
  1,778
  1,885
  1,996
  2,112
  2,234
  2,360
  2,492
  2,630
  2,774
  2,925
  3,082
  3,247
  3,420
  3,600
  3,790
  3,988
  4,195
  4,413
  4,641
  4,880
  5,131
  5,393
  5,669
  5,958
  6,261
  6,579
Total equity, $m
  742
  346
  368
  392
  416
  442
  468
  496
  525
  555
  586
  619
  653
  689
  727
  766
  807
  850
  894
  941
  991
  1,042
  1,096
  1,153
  1,212
  1,275
  1,340
  1,408
  1,480
  1,556
  1,635
Total liabilities and equity, $m
  2,097
  1,738
  1,851
  1,969
  2,092
  2,220
  2,353
  2,492
  2,637
  2,789
  2,946
  3,111
  3,283
  3,463
  3,652
  3,848
  4,054
  4,270
  4,494
  4,731
  4,979
  5,237
  5,509
  5,794
  6,092
  6,406
  6,733
  7,077
  7,438
  7,817
  8,214
Debt-to-equity ratio
  0.934
  2.110
  2.230
  2.340
  2.440
  2.530
  2.610
  2.690
  2.760
  2.830
  2.900
  2.960
  3.010
  3.060
  3.110
  3.160
  3.200
  3.250
  3.290
  3.320
  3.360
  3.390
  3.420
  3.450
  3.480
  3.510
  3.530
  3.560
  3.580
  3.600
  3.620
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  203
  220
  236
  252
  269
  287
  305
  324
  344
  365
  387
  452
  476
  501
  527
  554
  583
  613
  644
  677
  711
  747
  785
  824
  866
  909
  954
  1,002
  1,052
  1,105
  1,160
Depreciation, amort., depletion, $m
  120
  118
  122
  126
  130
  135
  140
  144
  149
  155
  160
  109
  115
  121
  128
  134
  142
  149
  157
  165
  174
  183
  192
  202
  213
  224
  235
  247
  260
  273
  287
Funds from operations, $m
  463
  338
  357
  378
  399
  421
  445
  469
  494
  520
  548
  561
  591
  622
  654
  689
  724
  762
  801
  842
  885
  930
  977
  1,027
  1,078
  1,133
  1,190
  1,249
  1,312
  1,378
  1,447
Change in working capital, $m
  18
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
Cash from operations, $m
  445
  344
  378
  400
  422
  445
  469
  494
  521
  548
  577
  591
  622
  655
  689
  725
  762
  802
  843
  886
  931
  978
  1,027
  1,079
  1,134
  1,191
  1,250
  1,313
  1,379
  1,448
  1,520
Maintenance CAPEX, $m
  0
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -134
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -224
  -235
  -247
  -260
  -273
New CAPEX, $m
  -54
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
Cash from investing activities, $m
  1
  -92
  -97
  -102
  -108
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -180
  -190
  -199
  -210
  -220
  -231
  -243
  -256
  -268
  -282
  -296
  -311
  -327
  -343
  -360
  -379
  -398
Free cash flow, $m
  446
  253
  282
  298
  315
  332
  350
  369
  388
  408
  430
  436
  460
  484
  509
  536
  563
  592
  623
  654
  688
  722
  759
  797
  837
  879
  923
  970
  1,018
  1,069
  1,122
Issuance/(repayment) of debt, $m
  350
  87
  91
  95
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
  251
  263
  276
  289
  303
  318
Issuance/(repurchase) of shares, $m
  -905
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -593
  87
  91
  95
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
  251
  263
  276
  289
  303
  318
Total cash flow (excl. dividends), $m
  -151
  340
  373
  393
  413
  434
  457
  480
  504
  530
  556
  568
  597
  628
  660
  693
  728
  765
  803
  844
  886
  930
  977
  1,025
  1,076
  1,130
  1,186
  1,245
  1,307
  1,372
  1,440
Retained Cash Flow (-), $m
  634
  -22
  -23
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
Prev. year cash balance distribution, $m
 
  418
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  736
  350
  369
  389
  409
  430
  452
  475
  499
  525
  536
  563
  592
  622
  654
  687
  722
  758
  797
  837
  879
  923
  969
  1,017
  1,068
  1,121
  1,177
  1,235
  1,297
  1,361
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  706
  321
  321
  320
  317
  312
  305
  297
  287
  275
  254
  240
  225
  209
  192
  175
  157
  140
  123
  106
  91
  77
  63
  52
  42
  33
  25
  19
  14
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Cadence Design Systems, Inc. provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. It offers functional verification, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Incisive, a functional verification platform; and Palladium, a verification computing platform. The company also provides digital integrated circuit (IC) design products, such as logic design products for chip planning, design, verification, and test technologies and services; physical implementation tools, including place and route, signal integrity, optimization, and multiple patterning preparation; and signoff products to signoff the design as ready for manufacture by a silicon foundry, as well as design for manufacturing products for use in the product development process. In addition, it offers custom IC design and verification products to create schematic and physical representations of circuits down to the transistor level for analog, mixed-signal, custom digital, memory, and RF designs; and system interconnect design products to develop printed circuit boards and IC packages. Further, the company provides design IP products consisting of pre-verified and customizable functional blocks to integrate into customer’s system-on-chips; and VIP and memory models for use in system-level verification to model correct behavior of full systems interacting with their environments. Additionally, it offers services related to methodology, education, and hosted design solutions, as well as technical support and maintenance services. The company was founded in 1988 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Cadence Design Systems (CDNS)

Valuation Ratios
P/E Ratio 45
Price to Sales 5
Price to Book 12.3
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow 23.4
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 86.7%
Total Debt to Equity 93.4%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 16.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 85.9%
Gross Margin - 3 Yr. Avg. 85.9%
EBITDA Margin 20.8%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 14.4%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 11.2%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 10.8%
Payout Ratio 0%

CDNS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CDNS stock intrinsic value calculation we used $1816 million for the last fiscal year's total revenue generated by Cadence Design Systems. The default revenue input number comes from 2016 income statement of Cadence Design Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CDNS stock valuation model: a) initial revenue growth rate of 6.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CDNS is calculated based on our internal credit rating of Cadence Design Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cadence Design Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CDNS stock the variable cost ratio is equal to 83.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CDNS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.1% for Cadence Design Systems.

Corporate tax rate of 27% is the nominal tax rate for Cadence Design Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CDNS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CDNS are equal to 28.2%.

Life of production assets of 9 years is the average useful life of capital assets used in Cadence Design Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CDNS is equal to -16.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $742 million for Cadence Design Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 279.936 million for Cadence Design Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cadence Design Systems at the current share price and the inputted number of shares is $9.2 billion.


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COMPANY NEWS

▶ The 20 highest-paying tech companies in America   [Apr-12-17 08:46AM  Yahoo Finance]
▶ Cadence Bancorp Announces Potential Pricing for IPO   [Apr-04-17 10:45AM  24/7 Wall St.]
▶ CFO Sells Shares in Cadence Design Systems   [Feb-08-17 03:10PM  Gurufocus]
▶ Why Shares of Cadence Design Systems Surged Today   [Feb-02-17 12:25PM  at Motley Fool]
▶ Cadence meets 4Q profit forecasts   [Feb-01-17 05:28PM  AP]
▶ Is AMERCO (UHAL) A Good Stock To Buy?   [Dec-09-16 04:52PM  at Insider Monkey]
▶ Is Cadence Design Systems Inc (CDNS) A Good Stock To Buy?   [Dec-01-16 06:27AM  at Insider Monkey]
▶ Registration for Worldwide MEMS Design Contest Opens   [Nov-02-16 12:29PM  PR Newswire]
▶ Cadence tops 3Q profit forecasts   [Oct-24-16 05:06PM  AP]
▶ Cadence Slips: Q3 EPS Beats, Q4 View Light   [04:31PM  at Barrons.com]
Stock chart of CDNS Financial statements of CDNS
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