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

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

CDNS has been the topic of several other research reports. Rosenblatt Securities lowered Cadence Design Systems from a buy rating to a neutral rating and increased their price target for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. KeyCorp increased their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday, April 15th. Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and increased their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus increased their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Finally, Robert W. Baird increased their price target on Cadence Design Systems from $289.00 to $302.00 and gave the stock an outperform rating in a report on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $318.10.

Cadence Design Systems Stock Down 2.0 %

Shares of Cadence Design Systems stock opened at $280.25 on Tuesday. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock’s 50-day moving average is $305.52 and its 200 day moving average is $279.70. The firm has a market cap of $76.29 billion, a price-to-earnings ratio of 73.36, a PEG ratio of 3.57 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 EPS 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 company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the company earned $0.75 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems will post 4.82 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were 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 $18,583,485. The disclosure for this sale can be found here. Over the last three months, insiders sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is owned by insiders.

Institutional Trading of Cadence Design Systems

A number of large investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust increased its position in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after buying an additional 38 shares during the last quarter. Highview Capital Management LLC DE increased its position in Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares during the last quarter. Fiduciary Trust Co increased its position in Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares during the last quarter. Harbour Investments Inc. increased its position in Cadence Design Systems by 66.1% in the fourth 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. Finally, Wealthcare Advisory Partners LLC increased its position in Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other 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.