Cadence Design Systems (NASDAQ:CDNS) Rating Lowered to Hold at StockNews.com

Cadence Design Systems (NASDAQ:CDNS) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

CDNS has been the topic of several other research reports. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Redburn Atlantic began coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $329.50.

Cadence Design Systems Stock Down 1.1 %

Shares of NASDAQ CDNS opened at $299.68 on Thursday. The stock has a market capitalization of $82.19 billion, a price-to-earnings ratio of 78.66, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. Cadence Design Systems has a 52 week low of $241.29 and a 52 week high of $328.99. The firm has a 50-day moving average price of $304.73 and a 200 day moving average price of $284.93. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 108,416 shares of company stock worth $33,538,875. Insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently made changes to their positions in CDNS. Raymond James Financial Inc. purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $171,991,000. Van ECK Associates Corp grew its holdings in shares of Cadence Design Systems by 26.1% during the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after purchasing an additional 572,251 shares during the period. Principal Financial Group Inc. increased its position in Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after purchasing an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $148,594,000. Finally, Meridiem Investment Management Ltd. purchased a new stake in Cadence Design Systems during the third quarter worth approximately $129,285,000. 84.85% of the stock is owned by hedge funds and other 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.