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

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

A number of other research firms have also commented on CDNS. KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Finally, Robert W. Baird upped their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $326.11.

Cadence Design Systems Stock Performance

CDNS stock traded up $5.19 during mid-day trading on Thursday, hitting $281.63. 1,371,195 shares of the company were exchanged, compared to its average volume of 1,806,029. Cadence Design Systems has a 1-year low of $198.92 and a 1-year high of $327.36. The stock has a market capitalization of $76.64 billion, a PE ratio of 73.34, a price-to-earnings-growth ratio of 3.25 and a beta of 1.06. The business has a 50 day simple moving average of $302.46 and a 200-day simple moving average of $281.91. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08.

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

Insider Buying and Selling

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems 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 directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. Insiders sold a total of 174,566 shares of company stock worth $52,649,105 in the last three months. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $1,141,059,000. Nordea Investment Management AB raised its stake in Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the period. Jennison Associates LLC boosted its position in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after acquiring an additional 564,085 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after acquiring an additional 468,195 shares during the period. Institutional investors 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.