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

StockNews.com cut shares of Cadence Design Systems (NASDAQ:CDNS) from a buy rating to a hold rating in a report published on Thursday.

A number of other brokerages have also recently commented on CDNS. Loop Capital started coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Mizuho lifted their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Finally, Needham & Company LLC decreased their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Up 0.1 %

CDNS opened at $302.91 on Thursday. The company has a 50 day moving average of $304.77 and a 200 day moving average of $284.80. The company has a market cap of $83.08 billion, a PE ratio of 79.50, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Anirudh Devgan sold 5,920 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,416 shares of company stock valued at $33,538,875. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems in the third quarter valued at approximately $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Versant Capital Management Inc raised its holdings in Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after acquiring an additional 60 shares in the last quarter. 84.85% of the stock is currently 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.