Cadence Design Systems (NASDAQ:CDNS) Trading Down 2.5%

Cadence Design Systems, Inc. (NASDAQ:CDNS) shares dropped 2.5% on Monday . The stock traded as low as $313.21 and last traded at $314.66. Approximately 193,236 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,541,999 shares. The stock had previously closed at $322.74.

Analyst Ratings Changes

CDNS has been the topic of several analyst reports. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $265.00 to $280.00 in a report on Tuesday, February 13th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. Stifel Nicolaus increased their price objective 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $311.33.

Cadence Design Systems Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a market capitalization of $86.14 billion, a price-to-earnings ratio of 82.73, a P/E/G ratio of 3.85 and a beta of 1.04. The business’s 50-day simple moving average is $300.87 and its 200-day simple moving average is $270.96.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the company posted $0.75 EPS. The company’s revenue was up 18.8% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. Insiders have sold 200,244 shares of company stock worth $58,930,611 in the last ninety days. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Hedge funds have recently made changes to their positions in the business. Harbour Investments Inc. grew its stake in shares of Cadence Design Systems by 66.1% during the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after acquiring an additional 39 shares in the last quarter. Valley National Advisers Inc. grew its stake in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Quarry LP grew its stake in shares of Cadence Design Systems by 550.0% during the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after acquiring an additional 88 shares in the last quarter. Finally, VisionPoint Advisory Group LLC bought a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $27,000. 84.85% of the stock is owned by institutional investors.

About Cadence Design Systems

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.