Cadence Design Systems (NASDAQ:CDNS) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday.
A number of other research firms have also issued reports on CDNS. KeyCorp reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Wednesday, November 1st. DA Davidson lifted their target price on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Needham & Company LLC reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $46.00 target price on shares of Cadence Design Systems in a report on Friday, October 27th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $44.50.
Cadence Design Systems (NASDAQ CDNS) opened at $44.94 on Friday. The stock has a market capitalization of $12,690.00, a price-to-earnings ratio of 48.85, a P/E/G ratio of 3.63 and a beta of 0.94. Cadence Design Systems has a fifty-two week low of $25.62 and a fifty-two week high of $45.64. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The firm had revenue of $485.40 million during the quarter, compared to analyst estimates of $481.10 million. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. Cadence Design Systems’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the business posted $0.30 earnings per share. research analysts anticipate that Cadence Design Systems will post 1.06 EPS for the current year.
In other Cadence Design Systems news, VP Aneel Zaman sold 32,255 shares of Cadence Design Systems stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $44.32, for a total transaction of $1,429,541.60. Following the completion of the sale, the vice president now directly owns 217,497 shares of the company’s stock, valued at approximately $9,639,467.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Anirudh Devgan sold 44,526 shares of Cadence Design Systems stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $45.01, for a total value of $2,004,115.26. Following the sale, the president now directly owns 377,019 shares of the company’s stock, valued at $16,969,625.19. The disclosure for this sale can be found here. Insiders have sold a total of 350,500 shares of company stock valued at $15,440,828 over the last ninety days. 2.55% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Cadence Design Systems by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock worth $820,127,000 after buying an additional 516,100 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Cadence Design Systems by 73,454.0% in the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after purchasing an additional 20,673,635 shares during the last quarter. State Street Corp lifted its holdings in shares of Cadence Design Systems by 1.2% in the 2nd quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock valued at $304,935,000 after purchasing an additional 108,305 shares during the last quarter. Alkeon Capital Management LLC lifted its holdings in shares of Cadence Design Systems by 0.3% in the 3rd quarter. Alkeon Capital Management LLC now owns 5,726,059 shares of the software maker’s stock valued at $226,007,000 after purchasing an additional 15,000 shares during the last quarter. Finally, APG Asset Management N.V. lifted its holdings in shares of Cadence Design Systems by 20,049.7% in the 3rd quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock valued at $144,746,000 after purchasing an additional 3,649,041 shares during the last quarter. 84.77% of the stock is owned by institutional investors.
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About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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