Cadence Design Syste (NASDAQ: CDNS) was downgraded by investment analysts at DA Davidson from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday.

Cadence Design Syste opened at 14.58 on Tuesday. Cadence Design Syste has a 1-year low of $9.73 and a 1-year high of $14.81. The stock’s 50-day moving average is currently $14.17. The company has a market cap of $4.107 billion and a price-to-earnings ratio of 9.29.

Cadence Design Syste last posted its quarterly earnings results on Wednesday, January 30th. The company reported $0.20 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.20. The company had revenue of $346.00 million for the quarter, compared to the consensus estimate of $340.70 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. Cadence Design Syste has set its Q1 guidance at $0.19-0.20 EPS and its FY12 guidance at $0.82-0.92 EPS. Analysts expect that Cadence Design Syste will post $0.89 EPS for the current fiscal year.

Separately, analysts at Zacks downgraded shares of Cadence Design Syste to a “neutral” rating in a research note to investors on Tuesday, February 5th. They now have a $14.20 price target on the stock.

Seven equities research analysts have rated the stock with a buy rating, and two have assigned a hold rating to the company. The stock currently has a consensus rating of “buy” and a consensus target price of $16.56.

Cadence Design Systems, Inc. (Cadence) develops electronic design automation (EDA), software and hardware.

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