Cadence Design Systems (NASDAQ:CDNS) Stock Bumped Down to “Hold” by Wall Street Zen

Wall Street Zen lowered shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a report published on Thursday morning,Wall Street Zen reports.

Other equities research analysts also recently issued reports about the stock. Oppenheimer reissued a “market perform” rating and set a $300.00 price target (up from $275.00) on shares of Cadence Design Systems in a research note on Tuesday, July 28th. Weiss Ratings upgraded Cadence Design Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $420.00 price objective (up from $400.00) on shares of Cadence Design Systems in a research note on Wednesday, October 7th. KeyCorp reaffirmed an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday, October 27th. Finally, Robert W. Baird boosted their target price on Cadence Design Systems from $420.00 to $440.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $410.05.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $311.34 on Thursday. The company has a 50-day simple moving average of $320.38 and a 200-day simple moving average of $327.37. The company has a quick ratio of 1.18, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $85.43 billion, a PE ratio of 52.81, a P/E/G ratio of 3.12 and a beta of 1.10. Cadence Design Systems has a 52-week low of $262.75 and a 52-week high of $416.69.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 26th. The software maker reported $2.11 EPS for the quarter, beating the consensus estimate of $2.05 by $0.06. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.93 earnings per share. Equities research analysts predict that Cadence Design Systems will post 6.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Ita Brennan sold 180 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the transaction, the director directly owned 7,824 shares of the company’s stock, valued at $2,233,830.24. This trade represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Scannell sold 280 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total value of $94,920.00. Following the transaction, the vice president owned 31,720 shares of the company’s stock, valued at $10,753,080. This represents a 0.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 8,960 shares of company stock valued at $2,834,139 over the last three months. Company insiders own 0.49% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently made changes to their positions in the stock. Bryn Mawr Trust Advisors LLC increased its holdings in Cadence Design Systems by 3.2% in the third quarter. Bryn Mawr Trust Advisors LLC now owns 1,015 shares of the software maker’s stock worth $335,000 after buying an additional 31 shares during the last quarter. 71 West Capital Partners lifted its stake in Cadence Design Systems by 1.2% in the third quarter. 71 West Capital Partners now owns 2,612 shares of the software maker’s stock valued at $862,000 after acquiring an additional 31 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in Cadence Design Systems by 32.0% in the first quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock valued at $37,000 after acquiring an additional 32 shares during the last quarter. KCM Investment Advisors LLC grew its position in Cadence Design Systems by 0.4% in the first quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker’s stock worth $2,227,000 after acquiring an additional 32 shares in the last quarter. Finally, Heritage Family Offices LLP grew its position in Cadence Design Systems by 5.3% in the third quarter. Heritage Family Offices LLP now owns 636 shares of the software maker’s stock worth $210,000 after acquiring an additional 32 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

About Cadence Design Systems

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.