Cadence Design Systems (NASDAQ:CDNS) Rating Lowered to “Hold” at Wall Street Zen

Cadence Design Systems (NASDAQ:CDNS) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Thursday, Wall Street Zen reports.

A number of other research firms have also weighed in on CDNS. FBN Securities began coverage on shares of Cadence Design Systems in a report on Friday, September 11th. They issued an “outperform” rating and a $375.00 target price for the company. Oppenheimer restated a “market perform” rating and issued a $300.00 target price (up from $275.00) on shares of Cadence Design Systems in a report on Tuesday, July 28th. The Goldman Sachs Group increased their price objective on shares of Cadence Design Systems from $410.00 to $470.00 and gave the stock a “buy” rating in a research report on Monday, July 13th. Benchmark restated a “buy” rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Finally, Weiss Ratings upgraded Cadence Design Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $410.05.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded up $8.49 on Thursday, hitting $319.92. 2,034,548 shares of the company traded hands, compared to its average volume of 2,384,238. Cadence Design Systems has a 52 week low of $262.75 and a 52 week high of $416.69. The business has a 50-day simple moving average of $319.83 and a 200 day simple moving average of $327.44. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.18 and a current ratio of 1.36. The stock has a market capitalization of $87.78 billion, a P/E ratio of 63.60, a price-to-earnings-growth ratio of 3.12 and a beta of 1.10.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 26th. The software maker reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Cadence Design Systems had a net margin of 22.51% and a return on equity of 26.56%. Cadence Design Systems’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.93 earnings per share. Research analysts expect that Cadence Design Systems will post 6.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Scannell sold 280 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $339.00, for a total transaction of $94,920.00. Following the sale, the vice president owned 31,720 shares in the company, valued at approximately $10,753,080. The trade was a 0.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Paul Cunningham sold 2,000 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $277.12, for a total value of $554,240.00. Following the sale, the vice president directly owned 121,793 shares in the company, valued at $33,751,276.16. This represents a 1.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 8,960 shares of company stock valued at $2,834,139. 0.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bryn Mawr Trust Advisors LLC increased its holdings in Cadence Design Systems by 3.2% in the 3rd quarter. Bryn Mawr Trust Advisors LLC now owns 1,015 shares of the software maker’s stock valued at $335,000 after purchasing an additional 31 shares during the last quarter. 71 West Capital Partners grew its stake in Cadence Design Systems by 1.2% during the 3rd quarter. 71 West Capital Partners now owns 2,612 shares of the software maker’s stock worth $862,000 after buying an additional 31 shares during the last quarter. Cornerstone Planning Group LLC increased its position in Cadence Design Systems by 32.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 132 shares of the software maker’s stock valued at $37,000 after acquiring an additional 32 shares during the period. KCM Investment Advisors LLC raised its holdings in Cadence Design Systems by 0.4% during the first quarter. KCM Investment Advisors LLC now owns 8,013 shares of the software maker’s stock worth $2,227,000 after purchasing an additional 32 shares in the last quarter. Finally, Heritage Family Offices LLP boosted its holdings in Cadence Design Systems by 5.3% during the third quarter. Heritage Family Offices LLP now owns 636 shares of the software maker’s stock worth $210,000 after buying an additional 32 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc develops software, hardware and intellectual property used to design and verify semiconductors and electronic systems. Its electronic design automation (EDA) tools help customers plan, build, test and analyze complex chips and circuit boards.

The company also offers semiconductor intellectual property and hardware platforms for design prototyping and verification, as well as software for system analysis, including computational fluid dynamics and electromagnetic simulation.