Cadence Design Systems (NASDAQ:CDNS) Downgraded by StockNews.com to “Hold”

StockNews.com downgraded shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a research report sent to investors on Thursday.

A number of other equities analysts have also recently weighed in on CDNS. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective for the company. Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Trading Up 0.1 %

CDNS stock opened at $302.91 on Thursday. Cadence Design Systems has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a market cap of $83.08 billion, a price-to-earnings ratio of 79.50, a PEG ratio of 3.42 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $304.77 and a 200-day simple moving average of $284.80.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 in the last 90 days. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of large investors have recently added to or reduced their stakes in CDNS. Raymond James Financial Inc. acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $171,991,000. Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 26.1% in the third 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 last quarter. Principal Financial Group Inc. boosted its position in Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after acquiring an additional 501,833 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Cadence Design Systems during the fourth quarter valued at $148,594,000. Finally, Meridiem Investment Management Ltd. bought a new position in shares of Cadence Design Systems during the 3rd quarter worth about $129,285,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

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.