Cadence Design Systems (NASDAQ:CDNS) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a report released on Thursday morning,Wall Street Zen reports.

Several other research analysts also recently commented on CDNS. The Goldman Sachs Group lifted their target price on Cadence Design Systems from $410.00 to $470.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $420.00 target price (up from $400.00) on shares of Cadence Design Systems in a report on Wednesday, October 7th. Weiss Ratings upgraded Cadence Design Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 22nd. Rothschild & Co Redburn raised their price target on Cadence Design Systems from $385.00 to $395.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $420.00 to $440.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $410.05.

Cadence Design Systems Stock Up 2.7%

Cadence Design Systems stock opened at $319.92 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.18. The company’s 50-day moving average is $319.83 and its 200-day moving average is $327.44. The firm has a market capitalization of $87.78 billion, a PE ratio of 63.60, a P/E/G ratio of 3.03 and a beta of 1.10. Cadence Design Systems has a fifty-two week low of $262.75 and a fifty-two week high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a return on equity of 26.56% and a net margin of 22.51%. Cadence Design Systems’s quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter last year, the company posted $1.93 earnings per share. Sell-side analysts anticipate that Cadence Design Systems will post 6.71 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $350.07, for a total value of $437,587.50. Following the transaction, the director directly owned 39,544 shares of the company’s stock, valued at $13,843,168.08. This trade represents a 3.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $324.13, for a total transaction of $648,260.00. Following the completion of the transaction, the vice president owned 119,612 shares of the company’s stock, valued at $38,769,837.56. The trade was a 1.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 8,960 shares of company stock valued at $2,834,139. Company insiders own 0.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. George Kaiser Family Foundation bought a new position in Cadence Design Systems during the second quarter worth $725,000. MassMutual Private Wealth & Trust FSB boosted its position in Cadence Design Systems by 65.7% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 26,160 shares of the software maker’s stock valued at $8,638,000 after acquiring an additional 10,376 shares during the last quarter. Vega Investment Solutions acquired a new stake in Cadence Design Systems during the 2nd quarter worth about $1,957,000. Park National Corp OH raised its position in shares of Cadence Design Systems by 186.9% in the 3rd quarter. Park National Corp OH now owns 372,703 shares of the software maker’s stock worth $123,063,000 after acquiring an additional 242,816 shares in the last quarter. Finally, American National Bank & Trust raised its position in shares of Cadence Design Systems by 7,625.4% in the 3rd quarter. American National Bank & Trust now owns 9,116 shares of the software maker’s stock worth $3,010,000 after acquiring an additional 8,998 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards.

The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.