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

StockNews.com lowered shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a research report report published on Thursday.

CDNS has been the subject of a number of other reports. Stifel Nicolaus lifted their price target 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. Rosenblatt Securities reiterated a neutral rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC restated a buy rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. KeyCorp increased their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Finally, Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and boosted their target price for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $326.11.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $281.63 on Thursday. The company has a market cap of $76.64 billion, a PE ratio of 73.34, a price-to-earnings-growth ratio of 3.32 and a beta of 1.06. Cadence Design Systems has a twelve month low of $198.92 and a twelve month high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company’s 50-day moving average price is $302.02 and its 200-day moving average price is $282.59.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 EPS. On average, equities research analysts forecast that Cadence Design Systems will post 4.78 EPS for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 174,566 shares of company stock worth $52,649,105. 1.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Ulland Investment Advisors LLC purchased a new stake in shares of Cadence Design Systems during the first quarter valued at $25,000. OFI Invest Asset Management acquired a new stake in Cadence Design Systems during the 3rd quarter worth about $26,000. Valley National Advisers Inc. grew its stake in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the last quarter. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the first quarter valued at about $26,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $28,000. Institutional investors and hedge funds 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.