StockNews.com Lowers Cadence Design Systems (NASDAQ:CDNS) to Hold

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

A number of other brokerages have also issued reports on CDNS. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Stifel Nicolaus boosted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Trading Down 0.2 %

CDNS traded down $0.75 during midday trading on Tuesday, reaching $300.81. 1,651,376 shares of the company were exchanged, compared to its average volume of 1,480,599. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36. The stock has a market capitalization of $81.89 billion, a P/E ratio of 78.75, a PEG ratio of 3.72 and a beta of 1.04. The stock’s 50-day simple moving average is $306.73 and its 200 day simple moving average is $279.25.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the previous year, the business posted $0.75 EPS. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, analysts forecast that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now directly owns 54,683 shares in the company, valued at approximately $16,404,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the completion of the sale, the director now directly owns 54,683 shares in the company, valued at approximately $16,404,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John M. Wall sold 36,000 shares of the company’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total value of $9,988,560.00. Following the sale, the chief financial officer now owns 80,594 shares of the company’s stock, valued at $22,361,611.24. The disclosure for this sale can be found here. Insiders sold 212,044 shares of company stock worth $63,106,522 in the last ninety days. 0.62% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors have recently modified their holdings of the stock. OFI Invest Asset Management bought a new stake in shares of Cadence Design Systems during the 3rd quarter worth $26,000. Valley National Advisers Inc. lifted its position in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the last quarter. Harbour Investments Inc. lifted its position in shares of Cadence Design Systems by 66.1% during the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after buying an additional 39 shares during the last quarter. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth $28,000. Finally, Quarry LP lifted its position in shares of Cadence Design Systems by 550.0% during the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after buying an additional 88 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

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.