Cadence Design Systems (CDNS) Rating Lowered to Hold at BidaskClub

Cadence Design Systems (CDNS) Rating Lowered to Hold at BidaskClub

BidaskClub lowered shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a research report sent to investors on Saturday, September 15th.

Several other equities research analysts also recently weighed in on CDNS. Zacks Investment Research downgraded shares of Cadence Design Systems from a strong-buy rating to a hold rating in a research note on Tuesday, June 26th. JPMorgan Chase & Co. increased their target price on shares of Cadence Design Systems from $42.00 to $49.00 and gave the stock a market perform rating in a research note on Tuesday, July 24th. Needham & Company LLC increased their target price on shares of Cadence Design Systems from $47.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, July 24th. DA Davidson increased their target price on shares of Cadence Design Systems to $52.00 and gave the stock a buy rating in a research note on Tuesday, July 24th. Finally, Griffin Securities increased their price target on shares of Cadence Design Systems from $50.00 to $52.00 and gave the stock a buy rating in a report on Tuesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $48.43.

NASDAQ CDNS traded down $0.10 during trading hours on Friday, hitting $41.31. The company had a trading volume of 1,678,900 shares, compared to its average volume of 2,144,828. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.30 and a quick ratio of 1.26. Cadence Design Systems has a 1-year low of $35.49 and a 1-year high of $47.40. The company has a market capitalization of $12.82 billion, a PE ratio of 39.07, a P/E/G ratio of 3.83 and a beta of 1.13.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 23rd. The software maker reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.05. Cadence Design Systems had a net margin of 10.62% and a return on equity of 28.38%. The company had revenue of $518.40 million during the quarter, compared to the consensus estimate of $514.94 million. During the same quarter in the prior year, the firm posted $0.34 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, research analysts expect that Cadence Design Systems will post 0.99 earnings per share for the current year.

In other news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $45.14, for a total transaction of $4,514,000.00. Following the completion of the transaction, the chief executive officer now directly owns 552,813 shares of the company’s stock, valued at approximately $24,953,978.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Anirudh Devgan sold 20,476 shares of the firm’s stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $45.73, for a total transaction of $936,367.48. Following the transaction, the president now directly owns 335,170 shares of the company’s stock, valued at $15,327,324.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 233,445 shares of company stock valued at $10,584,163. 2.28% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Westpac Banking Corp boosted its position in Cadence Design Systems by 476.1% during the second quarter. Westpac Banking Corp now owns 158,806 shares of the software maker’s stock worth $6,878,000 after acquiring an additional 131,239 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Cadence Design Systems by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,143,858 shares of the software maker’s stock worth $49,540,000 after acquiring an additional 6,029 shares during the last quarter. Fort L.P. acquired a new stake in Cadence Design Systems during the second quarter worth approximately $119,000. Richard Bernstein Advisors LLC boosted its position in Cadence Design Systems by 44.4% during the second quarter. Richard Bernstein Advisors LLC now owns 13,443 shares of the software maker’s stock worth $582,000 after acquiring an additional 4,136 shares during the last quarter. Finally, Davy Asset Management Ltd acquired a new stake in Cadence Design Systems during the second quarter worth approximately $1,258,000. Hedge funds and other institutional investors own 87.30% of the company’s stock.

About Cadence Design Systems

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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