Cadence Design Systems (NASDAQ:CDNS) Lowered 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 report published on Thursday.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company upped their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. KeyCorp raised their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Needham & Company LLC reiterated a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Finally, Piper Sandler decreased their target price on Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a research report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has a consensus rating of Moderate Buy and a consensus target price of $326.11.

Cadence Design Systems Trading Up 1.9 %

NASDAQ CDNS traded up $5.19 during trading on Thursday, hitting $281.63. The stock had a trading volume of 1,371,195 shares, compared to its average volume of 1,806,029. Cadence Design Systems has a one year low of $198.92 and a one year high of $327.36. The stock has a 50 day simple moving average of $302.46 and a 200 day simple moving average of $281.91. The stock has a market capitalization of $76.64 billion, a price-to-earnings ratio of 73.34, a P/E/G ratio of 3.25 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the company earned $1.02 EPS. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. Sell-side analysts predict that Cadence Design Systems will post 4.78 earnings per share for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Insiders sold 174,566 shares of company stock worth $52,649,105 in the last three months. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. DekaBank Deutsche Girozentrale lifted its stake in shares of Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after buying an additional 99,251 shares during the period. Miracle Mile Advisors LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth about $934,000. Pacer Advisors Inc. grew its stake in Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after purchasing an additional 3,484 shares during the last quarter. Patton Fund Management Inc. acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $55,443,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.