Cadence Design Systems (NASDAQ:CDNS) Downgraded to Hold at StockNews.com

StockNews.com cut shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a research note released on Tuesday morning.

Several other equities research analysts have also recently issued reports on CDNS. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an outperform rating in a research report on Tuesday, February 13th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research report on Tuesday. Rosenblatt Securities cut shares of Cadence Design Systems from a buy rating to a neutral rating and lifted their price target for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and lifted their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $318.10.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $285.90 on Tuesday. The company has a market cap of $77.83 billion, a PE ratio of 74.84, a price-to-earnings-growth ratio of 3.65 and a beta of 1.04. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The company has a 50-day simple moving average of $306.16 and a 200-day simple moving average of $279.39.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 earnings per share. On average, equities analysts anticipate that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the sale, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. Corporate insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Institutional investors have recently added to or reduced their stakes in the business. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the third quarter valued at $26,000. Valley National Advisers Inc. boosted its holdings in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the period. Harbour Investments Inc. boosted its holdings in shares of Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after acquiring an additional 39 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at $28,000. Finally, Quarry LP boosted its holdings in shares of Cadence Design Systems by 550.0% during the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after acquiring an additional 88 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.