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

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

Several other research firms have also commented on CDNS. Rosenblatt Securities lowered Cadence Design Systems from a buy rating to a neutral rating and lifted their price target for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research report on Tuesday. Robert W. Baird lifted their price target on Cadence Design Systems from $289.00 to $302.00 and gave the stock an outperform rating in a research report on Tuesday, February 13th. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Wednesday, March 6th. Finally, Piper Sandler initiated coverage on Cadence Design Systems in a research report on Thursday, April 4th. They set a neutral rating and a $334.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of Moderate Buy and an average price target of $316.10.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $300.81 on Tuesday. The stock has a 50-day moving average of $306.73 and a two-hundred day moving average of $279.25. The company has a market cap of $81.89 billion, a P/E ratio of 78.75, a P/E/G ratio of 3.72 and a beta of 1.04. Cadence Design Systems has a 1-year low of $194.01 and a 1-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.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations 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 in the previous year, the business earned $0.75 earnings per share. As a group, analysts anticipate that Cadence Design Systems will post 4.82 EPS for the current year.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 212,044 shares of company stock valued at $63,106,522 over the last quarter. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Cibc World Market Inc. lifted its position in shares of Cadence Design Systems by 2.7% in the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after acquiring an additional 571 shares in the last quarter. Prudential PLC acquired a new stake in Cadence Design Systems during the first quarter worth about $1,160,000. Loomis Sayles & Co. L P increased its stake in Cadence Design Systems by 1,030.1% during the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after acquiring an additional 2,534 shares during the last quarter. Zions Bancorporation N.A. increased its stake in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after acquiring an additional 117 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Cadence Design Systems by 26.8% in the first quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after buying an additional 3,433 shares in the last quarter. 84.85% of the stock is currently 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.