BidaskClub Downgrades Cadence Design Systems (CDNS) to Buy

BidaskClub lowered shares of Cadence Design Systems (NASDAQ:CDNS) from a strong-buy rating to a buy rating in a research note published on Friday, BidAskClub reports.

Several other research analysts have also recently weighed in on the company. KeyCorp assumed coverage on Cadence Design Systems in a research report on Wednesday, April 10th. They set a sector weight rating for the company. Needham & Company LLC increased their price target on Cadence Design Systems from $60.00 to $64.00 and gave the company a buy rating in a research report on Thursday, March 14th. ValuEngine raised Cadence Design Systems from a buy rating to a strong-buy rating in a research report on Saturday, February 23rd. Zacks Investment Research raised Cadence Design Systems from a hold rating to a strong-buy rating and set a $63.00 price target for the company in a research report on Friday, February 22nd. Finally, DA Davidson increased their price target on Cadence Design Systems to $62.00 and gave the company a buy rating in a research report on Wednesday, February 20th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $54.88.

CDNS stock opened at $64.21 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.27. The stock has a market cap of $17.88 billion, a PE ratio of 52.20, a PEG ratio of 3.77 and a beta of 1.11. Cadence Design Systems has a fifty-two week low of $36.65 and a fifty-two week high of $65.64.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.05. The company had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $569.34 million. Cadence Design Systems had a return on equity of 28.36% and a net margin of 16.17%. Cadence Design Systems’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 earnings per share. As a group, equities research analysts anticipate that Cadence Design Systems will post 1.4 EPS for the current fiscal year.

In related news, insider Thomas P. Beckley sold 23,208 shares of the stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $48.00, for a total transaction of $1,113,984.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $48.05, for a total value of $4,805,000.00. The disclosure for this sale can be found here. Insiders have sold 392,227 shares of company stock valued at $21,982,062 over the last three months. Insiders own 2.34% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. JNBA Financial Advisors bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $39,000. Lindbrook Capital LLC bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $52,000. Bessemer Group Inc. raised its stake in Cadence Design Systems by 51.9% in the fourth quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock valued at $59,000 after buying an additional 459 shares during the period. Covington Capital Management raised its stake in Cadence Design Systems by 27.3% in the fourth quarter. Covington Capital Management now owns 1,400 shares of the software maker’s stock valued at $61,000 after buying an additional 300 shares during the period. Finally, North Star Investment Management Corp. raised its stake in Cadence Design Systems by 80.8% in the fourth quarter. North Star Investment Management Corp. now owns 1,835 shares of the software maker’s stock valued at $80,000 after buying an additional 820 shares during the period. Hedge funds and other institutional investors own 87.65% 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.

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