Cadence Design Systems (NASDAQ:CDNS) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Friday.

Several other analysts also recently weighed in on CDNS. Royal Bank of Canada boosted their target price on Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, October 11th. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. DA Davidson boosted their price target on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Wednesday, November 1st. Finally, KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $44.50.

Shares of Cadence Design Systems (CDNS) opened at $44.94 on Friday. Cadence Design Systems has a fifty-two week low of $25.62 and a fifty-two week high of $45.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. The firm has a market capitalization of $12,690.00, a PE ratio of 48.85, a PEG ratio of 3.63 and a beta of 0.94.

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

In related news, Director Roger S. Siboni sold 18,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $43.14, for a total value of $776,520.00. Following the transaction, the director now owns 52,194 shares in the company, valued at approximately $2,251,649.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas P. Beckley sold 43,469 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $44.09, for a total value of $1,916,548.21. Following the transaction, the insider now owns 225,863 shares in the company, valued at approximately $9,958,299.67. The disclosure for this sale can be found here. Insiders sold a total of 350,500 shares of company stock worth $15,440,828 in the last 90 days. 2.55% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sigma Planning Corp increased its position in Cadence Design Systems by 17.1% during the 3rd quarter. Sigma Planning Corp now owns 66,369 shares of the software maker’s stock worth $2,620,000 after purchasing an additional 9,695 shares during the period. Janus Henderson Group PLC increased its position in Cadence Design Systems by 73,454.0% during the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after purchasing an additional 20,673,635 shares during the period. Crossmark Global Holdings Inc. acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $432,000. Skandinaviska Enskilda Banken AB publ increased its position in Cadence Design Systems by 15.4% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 41,301 shares of the software maker’s stock worth $1,630,000 after purchasing an additional 5,500 shares during the period. Finally, Graticule Asia Macro Advisors LLC acquired a new position in Cadence Design Systems during the 3rd quarter worth approximately $8,210,000. Institutional investors own 84.77% of the company’s stock.

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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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