Cadence Design Systems (NASDAQ:CDNS) Stock Rating Lowered by StockNews.com

Cadence Design Systems (NASDAQ:CDNS) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

A number of other analysts have also recently issued reports on the company. Rosenblatt Securities cut 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. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday. Piper Sandler initiated coverage on shares of Cadence Design Systems in a report on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price on the stock. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $316.10.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $293.71 on Tuesday. The firm has a market cap of $79.96 billion, a P/E ratio of 76.89, a price-to-earnings-growth ratio of 3.66 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The company’s 50 day moving average is $306.58 and its 200-day moving average is $279.35. Cadence Design Systems has a 12-month low of $194.01 and a 12-month high of $327.36.

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, beating analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 EPS. Sell-side analysts predict that Cadence Design Systems will post 4.82 earnings per share for the current year.

Insider Activity

In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 177,544 shares of company stock worth $53,581,207. 0.62% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust raised its position in Cadence Design Systems by 8.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after purchasing an additional 38 shares during the period. Highview Capital Management LLC DE lifted its stake in shares of Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares during the last quarter. Fiduciary Trust Co boosted its holdings in Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after acquiring an additional 39 shares during the period. Harbour Investments Inc. grew its position in 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 during the last quarter. Finally, Wealthcare Advisory Partners LLC increased its stake in Cadence Design Systems by 4.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after purchasing an additional 41 shares during the period. 84.85% of the stock is 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.