Cadence Design Systems (CDNS) Lowered to Hold at BidaskClub

Cadence Design Systems (NASDAQ:CDNS) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Friday.

A number of other research firms also recently issued reports on CDNS. KeyCorp reaffirmed a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, November 1st. DA Davidson upped their price target on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a research note on Friday, October 27th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $44.50.

Cadence Design Systems (CDNS) traded up $0.66 during trading on Friday, reaching $45.60. 2,145,543 shares of the company were exchanged, compared to its average volume of 1,458,541. The stock has a market capitalization of $12,875.62, a P/E ratio of 49.03, a price-to-earnings-growth ratio of 3.74 and a beta of 0.94. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a 52 week low of $25.62 and a 52 week high of $45.74.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million for the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. Cadence Design Systems’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 earnings per share. sell-side analysts anticipate that Cadence Design Systems will post 1.06 EPS for the current year.

In other news, CFO John M. Wall sold 750 shares of the stock in a transaction on Monday, November 13th. The shares were sold at an average price of $43.83, for a total value of $32,872.50. Following the sale, the chief financial officer now owns 110,823 shares of the company’s stock, valued at $4,857,372.09. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Roger S. Siboni sold 18,000 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $43.14, for a total transaction of $776,520.00. Following the completion of the sale, the director now directly owns 52,194 shares in the company, valued at approximately $2,251,649.16. The disclosure for this sale can be found here. In the last three months, insiders sold 350,500 shares of company stock worth $15,440,828. Insiders own 2.55% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caxton Associates LP increased its stake in Cadence Design Systems by 0.6% in the 2nd quarter. Caxton Associates LP now owns 15,900 shares of the software maker’s stock worth $532,000 after buying an additional 100 shares during the period. PNC Financial Services Group Inc. increased its stake in Cadence Design Systems by 6.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock worth $338,000 after buying an additional 612 shares during the period. ETRADE Capital Management LLC increased its stake in Cadence Design Systems by 5.0% in the 2nd quarter. ETRADE Capital Management LLC now owns 18,909 shares of the software maker’s stock worth $633,000 after buying an additional 899 shares during the period. First Republic Investment Management Inc. increased its stake in Cadence Design Systems by 7.1% in the 3rd quarter. First Republic Investment Management Inc. now owns 22,584 shares of the software maker’s stock worth $892,000 after buying an additional 1,491 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in Cadence Design Systems by 1.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 83,671 shares of the software maker’s stock worth $2,802,000 after buying an additional 1,494 shares during the period. 84.77% of the stock is currently owned by institutional investors and hedge funds.

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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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