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

StockNews.com downgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a research note published on Tuesday.

Other analysts also recently issued research reports about the company. Stifel Nicolaus lifted their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Robert W. Baird lifted their price target on Cadence Design Systems from $289.00 to $302.00 and gave the company an outperform rating in a research note on Tuesday, February 13th. Piper Sandler began coverage on Cadence Design Systems in a report on Thursday, April 4th. They issued a neutral rating and a $334.00 price objective for the company. Rosenblatt Securities cut Cadence Design Systems from a buy rating to a neutral rating and raised their price objective for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. Finally, Wells Fargo & Company raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a report on Tuesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $316.10.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock opened at $300.81 on Tuesday. The company has a market capitalization of $81.89 billion, a PE ratio of 78.75, a PEG ratio of 3.72 and a beta of 1.04. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The stock’s fifty day simple moving average is $306.73 and its 200 day simple moving average is $279.25.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, topping the consensus estimate of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 EPS. On average, research analysts predict that Cadence Design Systems will post 4.82 EPS for the current year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the transaction, the vice president now owns 68,144 shares in the company, valued at $21,155,986.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the completion of the transaction, the vice president now owns 68,144 shares in the company, valued at $21,155,986.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 212,044 shares of company stock worth $63,106,522. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently bought and sold shares of CDNS. OFI Invest Asset Management acquired a new stake in Cadence Design Systems during the third quarter worth approximately $26,000. Valley National Advisers Inc. lifted its position in Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares during the last quarter. Harbour Investments Inc. lifted its position in Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after acquiring an additional 39 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at approximately $28,000. Finally, Quarry LP raised its position in shares of Cadence Design Systems by 550.0% in the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after buying an additional 88 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.