Cadence Design Systems, Inc. (NASDAQ:CDNS) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday.

CDNS has been the topic of several other research reports. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research report on Thursday, April 27th. DA Davidson lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $33.00 price target on shares of Cadence Design Systems in a research report on Tuesday, April 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Cadence Design Systems currently has an average rating of “Hold” and a consensus price target of $29.83.

Shares of Cadence Design Systems (NASDAQ:CDNS) traded up 1.17% during mid-day trading on Wednesday, hitting $33.67. 1,588,639 shares of the company were exchanged. Cadence Design Systems has a 12-month low of $23.83 and a 12-month high of $35.69. The firm has a 50 day moving average of $34.17 and a 200 day moving average of $30.66. The company has a market capitalization of $9.41 billion, a price-to-earnings ratio of 43.28 and a beta of 0.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 24th. The software maker reported $0.32 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.32. The business had revenue of $477 million for the quarter, compared to analysts’ expectations of $474.23 million. Cadence Design Systems had a return on equity of 26.52% and a net margin of 11.97%. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 EPS. Equities research analysts forecast that Cadence Design Systems will post $1.38 earnings per share for the current year.

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In other Cadence Design Systems news, Director Roger S. Siboni sold 20,507 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $32.32, for a total value of $662,786.24. Following the sale, the director now owns 52,701 shares of the company’s stock, valued at $1,703,296.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $31.26, for a total value of $3,126,000.00. Following the completion of the sale, the chief executive officer now directly owns 583,332 shares in the company, valued at approximately $18,234,958.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 446,413 shares of company stock worth $14,664,545. Corporate insiders own 2.55% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Cadence Design Systems by 6,398.5% in the first quarter. BlackRock Inc. now owns 26,541,567 shares of the software maker’s stock worth $833,406,000 after buying an additional 26,133,138 shares in the last quarter. Vanguard Group Inc. raised its stake in Cadence Design Systems by 1.1% in the first quarter. Vanguard Group Inc. now owns 23,972,591 shares of the software maker’s stock worth $752,740,000 after buying an additional 264,529 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock worth $149,811,000 after buying an additional 1,549,905 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in Cadence Design Systems by 11.6% in the first quarter. Pictet Asset Management Ltd. now owns 4,083,484 shares of the software maker’s stock worth $128,221,000 after buying an additional 423,959 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Cadence Design Systems by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 3,279,262 shares of the software maker’s stock worth $102,967,000 after buying an additional 69,677 shares in the last quarter. 85.87% of the stock is currently owned by institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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