Cadence Design Systems (NASDAQ:CDNS) Cut to Hold at StockNews.com

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

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reissued a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Wednesday, March 6th. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and raised their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Stifel Nicolaus raised their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday. Finally, Rosenblatt Securities cut shares of Cadence Design Systems from a buy rating to a neutral rating and lifted their price objective for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $318.10.

Cadence Design Systems Trading Down 2.7 %

NASDAQ:CDNS opened at $285.90 on Tuesday. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The firm has a fifty day simple moving average of $306.16 and a 200-day simple moving average of $279.39. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $77.83 billion, a P/E ratio of 74.84, a PEG ratio of 3.65 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the company posted $0.75 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock valued at $53,581,207 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of CDNS. Norges Bank acquired a new position in Cadence Design Systems during the fourth quarter worth about $770,945,000. Alliancebernstein L.P. boosted its holdings in Cadence Design Systems by 620.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after purchasing an additional 2,543,966 shares during the last quarter. Moneta Group Investment Advisors LLC acquired a new position in Cadence Design Systems in the 4th quarter valued at about $227,854,000. Nordea Investment Management AB boosted its holdings in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.