ValuEngine lowered shares of Cadence Design Systems (NASDAQ:CDNS) from a sell rating to a strong sell rating in a report issued on Thursday, ValuEngine reports.

Several other equities research analysts have also recently issued reports on CDNS. Credit Suisse Group boosted their price target on Cadence Design Systems from $75.00 to $80.00 and gave the company a neutral rating in a research note on Thursday. Zacks Investment Research lowered Cadence Design Systems from a buy rating to a hold rating and set a $74.00 price objective on the stock. in a research note on Tuesday, December 24th. Bank of America lifted their price objective on Cadence Design Systems from $80.00 to $83.00 and gave the company a neutral rating in a report on Thursday. Needham & Company LLC lifted their price objective on Cadence Design Systems from $76.00 to $86.00 and gave the company a buy rating in a report on Thursday. Finally, BidaskClub upgraded Cadence Design Systems from a hold rating to a buy rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $82.00.

Cadence Design Systems stock traded down $0.49 during midday trading on Thursday, hitting $78.76. The company’s stock had a trading volume of 1,329,600 shares, compared to its average volume of 1,438,368. Cadence Design Systems has a 1-year low of $51.70 and a 1-year high of $79.68. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. The company has a 50-day moving average price of $72.90 and a two-hundred day moving average price of $69.02. The company has a market cap of $20.94 billion, a price-to-earnings ratio of 51.82, a PEG ratio of 4.43 and a beta of 1.12.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Wednesday, February 12th. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The firm had revenue of $599.56 million for the quarter, compared to analyst estimates of $595.48 million. During the same quarter in the prior year, the business posted $0.52 EPS. The business’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems will post 1.51 EPS for the current year.

In other news, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction on Monday, November 18th. The stock was sold at an average price of $68.83, for a total value of $3,441,500.00. Also, VP Surendra Babu Mandava sold 3,623 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $66.46, for a total value of $240,784.58. Following the transaction, the vice president now directly owns 296,137 shares of the company’s stock, valued at approximately $19,681,265.02. The disclosure for this sale can be found here. Insiders sold a total of 353,949 shares of company stock valued at $25,290,546 over the last 90 days. Corporate insiders own 2.34% of the company’s stock.

Several hedge funds have recently made changes to their positions in CDNS. Blueshift Asset Management LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $492,000. First Republic Investment Management Inc. raised its stake in Cadence Design Systems by 12.9% during the fourth quarter. First Republic Investment Management Inc. now owns 9,907 shares of the software maker’s stock worth $688,000 after acquiring an additional 1,132 shares in the last quarter. Ancora Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $35,000. Bank of America Corp DE lifted its holdings in shares of Cadence Design Systems by 8.4% in the fourth quarter. Bank of America Corp DE now owns 774,109 shares of the software maker’s stock worth $53,692,000 after acquiring an additional 60,158 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its holdings in shares of Cadence Design Systems by 2.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,920,185 shares of the software maker’s stock worth $133,184,000 after acquiring an additional 51,579 shares during the last quarter. Institutional investors and hedge funds own 85.90% 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Featured Story: S&P 500 Index

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.