Zacks Investment Research cut shares of Cadence Design Systems (NASDAQ:CDNS) from a strong-buy rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “Cadence offers products and tools that help customers to design electronic products. Robust adoption of company’s digital and signoff, custom and analog, and IP solutions along with an expanding customer base remains a positive. Significant demand from aerospace and defense sectors is a key catalyst. Further, increasing investments on emerging trends like Internet-of-things (IoT), augmented and virtual reality (AR/VR) and autonomous vehicle sub-systems present significant growth opportunity for the company in the long haul. Reduction in long-term debt and improvement in cash balance are tailwinds. However, Cadence faces stiff competition from other EDA companies like ANSYS and Siemens AG. Notably, shares of the company have underperformed the industry over the past one year.”
Several other equities analysts also recently commented on CDNS. ValuEngine raised shares of Cadence Design Systems from a hold rating to a buy rating in a research note on Thursday, March 1st. BidaskClub downgraded shares of Cadence Design Systems from a sell rating to a strong sell rating in a research note on Tuesday, March 13th. DA Davidson raised shares of Cadence Design Systems from a neutral rating to a buy rating in a research note on Thursday, April 5th. Needham & Company LLC raised shares of Cadence Design Systems from a hold rating to a buy rating and set a $47.00 price objective for the company in a research note on Tuesday, April 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cadence Design Systems from $34.00 to $42.00 and gave the company an underweight rating in a research note on Tuesday, April 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $43.71.
Shares of Cadence Design Systems opened at $43.31 on Tuesday, MarketBeat Ratings reports. The stock has a market cap of $12.15 billion, a PE ratio of 39.54, a PEG ratio of 3.77 and a beta of 1.12. The company has a quick ratio of 1.20, a current ratio of 1.24 and a debt-to-equity ratio of 0.30. Cadence Design Systems has a 12 month low of $32.85 and a 12 month high of $46.00.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 23rd. The software maker reported $0.40 EPS for the quarter, beating the consensus estimate of $0.37 by $0.03. The firm had revenue of $517.00 million during the quarter, compared to the consensus estimate of $505.33 million. Cadence Design Systems had a net margin of 10.52% and a return on equity of 29.43%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. equities analysts anticipate that Cadence Design Systems will post 0.95 earnings per share for the current year.
In related news, insider Aneel Zaman sold 43,733 shares of the business’s stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $40.02, for a total transaction of $1,750,194.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Wall sold 750 shares of the business’s stock in a transaction dated Monday, April 9th. The shares were sold at an average price of $36.16, for a total transaction of $27,120.00. Following the transaction, the chief financial officer now owns 124,458 shares in the company, valued at approximately $4,500,401.28. The disclosure for this sale can be found here. Insiders have sold 185,763 shares of company stock worth $7,907,839 in the last quarter. 2.55% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Chesapeake Wealth Management purchased a new position in shares of Cadence Design Systems during the first quarter valued at about $255,000. Allianz Asset Management GmbH increased its position in shares of Cadence Design Systems by 8.4% during the first quarter. Allianz Asset Management GmbH now owns 1,926,819 shares of the software maker’s stock valued at $70,849,000 after buying an additional 148,830 shares during the period. Amalgamated Bank increased its position in shares of Cadence Design Systems by 6.3% during the first quarter. Amalgamated Bank now owns 63,675 shares of the software maker’s stock valued at $2,341,000 after buying an additional 3,794 shares during the period. Xact Kapitalforvaltning AB increased its position in shares of Cadence Design Systems by 5.6% during the first quarter. Xact Kapitalforvaltning AB now owns 31,384 shares of the software maker’s stock valued at $1,154,000 after buying an additional 1,652 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Cadence Design Systems by 197.6% during the first quarter. Legal & General Group Plc now owns 1,730,484 shares of the software maker’s stock valued at $63,622,000 after buying an additional 1,148,997 shares during the period. Institutional investors own 86.08% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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