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

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

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC reiterated a buy rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Wednesday, March 6th. KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a report on Monday, April 15th. Piper Sandler assumed coverage on Cadence Design Systems in a research report on Thursday, April 4th. They issued a neutral rating and a $334.00 target price on the stock. Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research report on Tuesday. Finally, Stifel Nicolaus lifted their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Stock Performance

Shares of NASDAQ:CDNS opened at $280.25 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a twelve month low of $194.01 and a twelve month high of $327.36. The firm has a market cap of $76.29 billion, a PE ratio of 73.36, a price-to-earnings-growth ratio of 3.57 and a beta of 1.04. The business has a fifty day moving average of $305.52 and a 200-day moving average of $279.70.

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 analysts’ consensus estimates 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 firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the business earned $0.75 earnings per share. The company’s revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts predict that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal 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 that occurred on Monday, April 15th. The stock was 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 of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 in the last 90 days. 1.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Teamwork Financial Advisors LLC increased its holdings in shares of Cadence Design Systems by 40.0% during the 1st quarter. Teamwork Financial Advisors LLC now owns 35,151 shares of the software maker’s stock worth $10,942,000 after acquiring an additional 10,037 shares during the last quarter. Marshall Financial Group LLC boosted its stake in Cadence Design Systems by 6.0% in the 1st quarter. Marshall Financial Group LLC now owns 4,656 shares of the software maker’s stock valued at $1,449,000 after purchasing an additional 264 shares during the period. ZRC Wealth Management LLC bought a new stake in Cadence Design Systems in the 1st quarter valued at $74,000. First Trust Direct Indexing L.P. boosted its stake in Cadence Design Systems by 13.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 5,978 shares of the software maker’s stock valued at $1,861,000 after purchasing an additional 713 shares during the period. Finally, Westside Investment Management Inc. bought a new stake in Cadence Design Systems in the 1st quarter valued at $125,000. 84.85% of the stock is 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.