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

Cadence Design Systems (NASDAQ:CDNS) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other analysts also recently issued reports about the company. Robert W. Baird boosted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Stifel Nicolaus upped their price objective 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. Finally, Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

Cadence Design Systems Trading Down 0.4 %

NASDAQ:CDNS opened at $274.55 on Thursday. Cadence Design Systems has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The stock has a market capitalization of $74.71 billion, a PE ratio of 71.50, a price-to-earnings-growth ratio of 3.33 and a beta of 1.04. The business’s 50-day simple moving average is $303.04 and its 200-day simple moving average is $281.95.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for 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%. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 EPS. Sell-side analysts expect that Cadence Design Systems will post 4.78 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Over the last quarter, insiders sold 173,044 shares of company stock valued at $52,231,207. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several large investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale boosted its holdings in Cadence Design Systems by 34.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after acquiring an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in Cadence Design Systems in the fourth quarter worth approximately $934,000. Pacer Advisors Inc. boosted its holdings in Cadence Design Systems by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after acquiring an additional 3,484 shares in the last quarter. Patton Fund Management Inc. bought a new position in Cadence Design Systems in the fourth quarter worth approximately $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new position in Cadence Design Systems in the fourth quarter worth approximately $55,443,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

About Cadence Design Systems

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.