BidaskClub cut shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a report published on Wednesday, December 27th.
Several other analysts also recently weighed in on the stock. Credit Suisse Group reiterated an outperform rating on shares of Cadence Design Systems in a report on Thursday, August 31st. KeyCorp restated a hold rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Royal Bank of Canada restated a buy rating and issued a $46.00 price target on shares of Cadence Design Systems in a research note on Friday, October 27th. Zacks Investment Research raised shares of Cadence Design Systems from a hold rating to a buy rating and set a $48.00 price objective for the company in a research report on Wednesday, November 1st. Finally, DA Davidson lifted their price objective on shares of Cadence Design Systems to $43.00 and gave the stock a neutral rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Cadence Design Systems presently has an average rating of Buy and an average target price of $44.50.
Cadence Design Systems (NASDAQ:CDNS) opened at $45.07 on Wednesday. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a 12 month low of $25.42 and a 12 month high of $45.64. The firm has a market cap of $12,669.49, a P/E ratio of 48.46, a price-to-earnings-growth ratio of 3.68 and a beta of 0.94.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The business had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. During the same quarter last year, the firm earned $0.30 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. sell-side analysts predict that Cadence Design Systems will post 1.06 earnings per share for the current fiscal year.
In other Cadence Design Systems news, CFO John M. Wall sold 750 shares of the company’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $43.95, for a total transaction of $32,962.50. Following the transaction, the chief financial officer now directly owns 109,323 shares in the company, valued at $4,804,745.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $41.97, for a total transaction of $4,197,000.00. Following the completion of the sale, the chief executive officer now directly owns 445,833 shares in the company, valued at approximately $18,711,611.01. The disclosure for this sale can be found here. Insiders sold 380,974 shares of company stock valued at $16,516,462 over the last ninety days. Corporate insiders own 2.55% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth Bank of Australia lifted its stake in shares of Cadence Design Systems by 36.6% during the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after buying an additional 1,300 shares during the period. Advisor Group Inc. raised its stake in Cadence Design Systems by 151.4% during the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after purchasing an additional 2,505 shares during the period. Dupont Capital Management Corp purchased a new position in Cadence Design Systems during the third quarter worth approximately $170,000. Parkwood LLC purchased a new position in Cadence Design Systems during the third quarter worth approximately $201,000. Finally, Tocqueville Asset Management L.P. purchased a new position in Cadence Design Systems during the second quarter worth approximately $206,000. 84.63% of the stock is currently owned by institutional investors.
About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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