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

Cadence Design Systems (NASDAQ:CDNS) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

Several other research firms have also commented on CDNS. Robert W. Baird upped their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Finally, Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $326.11.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $5.19 during trading hours on Thursday, hitting $281.63. The company’s stock had a trading volume of 1,371,195 shares, compared to its average volume of 1,806,029. Cadence Design Systems has a 12 month low of $198.92 and a 12 month high of $327.36. The company’s 50 day simple moving average is $302.46 and its two-hundred day simple moving average is $281.91. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The company has a market cap of $76.64 billion, a P/E ratio of 73.34, a price-to-earnings-growth ratio of 3.25 and a beta of 1.06.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the firm earned $1.02 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts expect that Cadence Design Systems will post 4.78 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 174,566 shares of company stock worth $52,649,105. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Parkside Financial Bank & Trust lifted its holdings in shares of Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after acquiring an additional 38 shares during the last quarter. Highview Capital Management LLC DE raised its stake in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares in the last quarter. Fiduciary Trust Co increased its holdings in Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after purchasing an additional 39 shares during the period. GraniteShares Advisors LLC raised its position in Cadence Design Systems by 1.2% in the 1st quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock valued at $1,080,000 after purchasing an additional 40 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC boosted its stake in shares of Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after buying an additional 41 shares during the period. Hedge funds and other 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.