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

Cadence Design Systems (NASDAQ:CDNS) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

CDNS has been the topic of a number of other research reports. Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their target price for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Piper Sandler began coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 price objective for the company. Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note 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 note on Wednesday, March 6th. Finally, KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $316.10.

Cadence Design Systems Price Performance

CDNS stock opened at $293.71 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The stock has a market cap of $79.96 billion, a PE ratio of 76.89, a P/E/G ratio of 3.66 and a beta of 1.04. The company has a 50-day moving average price of $306.58 and a 200 day moving average price of $279.35.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (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 business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business earned $0.75 earnings per share. The company’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 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Aneel Zaman sold 1,207 shares of the business’s 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 transaction, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders sold a total of 177,544 shares of company stock worth $53,581,207 over the last 90 days. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Cadence Design Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after acquiring an additional 384,637 shares in the last quarter. State Street Corp grew its position in Cadence Design Systems by 3.1% during the 1st quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after purchasing an additional 344,518 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares during the period. Geode Capital Management LLC increased its stake in shares of Cadence Design Systems by 1.7% in the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock worth $1,297,925,000 after acquiring an additional 103,213 shares during the period. Finally, Norges Bank acquired a new stake in Cadence Design Systems during the 4th quarter worth about $770,945,000. Institutional investors and hedge funds 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.