Cadence Design Systems (NASDAQ:CDNS) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen cut shares of Cadence Design Systems (NASDAQ:CDNS - Free Report) from a buy rating to a hold rating in a research note issued to investors on Sunday.

Several other equities research analysts have also recently issued reports on CDNS. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $293.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Mizuho boosted their price objective on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. The Goldman Sachs Group assumed coverage on shares of Cadence Design Systems in a research report on Thursday, July 10th. They set a "buy" rating and a $380.00 price objective for the company. KeyCorp restated an "overweight" rating and set a $358.00 price objective (up from $340.00) on shares of Cadence Design Systems in a research report on Thursday, July 10th. Finally, Needham & Company LLC restated a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of "Moderate Buy" and a consensus target price of $330.07.

Cadence Design Systems Stock Down 1.6%

Shares of NASDAQ:CDNS traded down $5.29 during midday trading on Friday, reaching $315.57. The company had a trading volume of 1,390,857 shares, compared to its average volume of 2,019,433. The company has a quick ratio of 2.90, a current ratio of 3.07 and a debt-to-equity ratio of 0.52. The business's 50 day moving average price is $308.81 and its 200 day moving average price is $287.90. The stock has a market cap of $86.16 billion, a PE ratio of 79.89, a P/E/G ratio of 4.38 and a beta of 0.99. Cadence Design Systems has a 1-year low of $221.56 and a 1-year high of $330.09.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The business had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter last year, the company posted $1.17 earnings per share. Cadence Design Systems's quarterly revenue was up 23.1% on a year-over-year basis. Research analysts forecast that Cadence Design Systems will post 5.41 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $304.00, for a total transaction of $54,720.00. Following the transaction, the director owned 8,010 shares of the company's stock, valued at $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total transaction of $306,350.00. Following the transaction, the vice president directly owned 105,499 shares in the company, valued at $32,319,618.65. This trade represents a 0.94% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,975 shares of company stock worth $6,114,587. 1.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently modified their holdings of the business. Smallwood Wealth Investment Management LLC purchased a new position in Cadence Design Systems in the 1st quarter valued at approximately $25,000. Costello Asset Management INC purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at $25,000. Saudi Central Bank purchased a new position in shares of Cadence Design Systems during the 1st quarter valued at $27,000. Valley National Advisers Inc. grew its position in shares of Cadence Design Systems by 707.1% during the 1st quarter. Valley National Advisers Inc. now owns 113 shares of the software maker's stock valued at $28,000 after purchasing an additional 99 shares in the last quarter. Finally, Ancora Advisors LLC grew its position in shares of Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock valued at $36,000 after purchasing an additional 112 shares in the last quarter. 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.