Cadence Design Systems (NASDAQ:CDNS) Downgraded by StockNews.com

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

Other analysts have also recently issued research reports about the company. Piper Sandler lowered their price target on Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a report on Tuesday, April 23rd. Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a report on Thursday, April 18th. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and upped their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Rosenblatt Securities restated a neutral rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, KeyCorp upped their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research note on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems has an average rating of Moderate Buy and a consensus price target of $326.11.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded up $5.19 during mid-day trading on Thursday, hitting $281.63. The stock had a trading volume of 1,371,195 shares, compared to its average volume of 1,806,029. Cadence Design Systems has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The company’s 50-day simple moving average is $302.02 and its 200-day simple moving average is $282.12. The firm has a market cap of $76.64 billion, a PE ratio of 73.34, a PEG ratio of 3.32 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19.

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. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the business posted $1.02 EPS. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. Sell-side analysts anticipate that Cadence Design Systems will post 4.78 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the business’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 transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 174,566 shares of company stock worth $52,649,105 over the last three months. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Csenge Advisory Group lifted its holdings in Cadence Design Systems by 3.8% during the 1st quarter. Csenge Advisory Group now owns 3,137 shares of the software maker’s stock valued at $976,000 after purchasing an additional 116 shares during the last quarter. Signaturefd LLC lifted its position in Cadence Design Systems by 4.3% during the first quarter. Signaturefd LLC now owns 11,020 shares of the software maker’s stock worth $3,430,000 after purchasing an additional 459 shares during the period. Catalina Capital Group LLC acquired a new stake in shares of Cadence Design Systems during the 1st quarter worth approximately $309,000. TFB Advisors LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter worth $330,000. Finally, Mediolanum International Funds Ltd bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $6,774,000. 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.