Cadence Design Systems (NASDAQ:CDNS) Given “Hold” Rating at KeyCorp

Cadence Design Systems (NASDAQ:CDNS)‘s stock had its “hold” rating reaffirmed by research analysts at KeyCorp in a research report issued to clients and investors on Sunday, November 26th.

CDNS has been the topic of several other reports. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Wednesday, November 1st. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. Royal Bank Of Canada reissued a “buy” rating and issued a $46.00 price target on shares of Cadence Design Systems in a research note on Friday, October 27th. BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Cadence Design Systems currently has a consensus rating of “Buy” and an average price target of $40.60.

Cadence Design Systems (NASDAQ CDNS) traded up $0.25 during mid-day trading on Friday, reaching $42.67. 2,302,900 shares of the company traded hands, compared to its average volume of 2,313,899. The firm has a market capitalization of $12,090.00, a price-to-earnings ratio of 45.61, a PEG ratio of 3.35 and a beta of 0.93. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a 52 week low of $24.15 and a 52 week high of $45.64.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the business earned $0.30 earnings per share. research analysts predict that Cadence Design Systems will post 1.06 EPS for the current year.

In other Cadence Design Systems news, insider Thomas P. Beckley sold 43,469 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $44.09, for a total transaction of $1,916,548.21. Following the completion of the transaction, the insider now owns 225,863 shares in the company, valued at approximately $9,958,299.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $41.97, for a total transaction of $4,197,000.00. Following the sale, the chief executive officer now owns 445,833 shares of the company’s stock, valued at approximately $18,711,611.01. The disclosure for this sale can be found here. Insiders sold 195,224 shares of company stock valued at $8,382,992 in the last 90 days. Company insiders own 2.55% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning raised its position in Cadence Design Systems by 242.2% in the 2nd quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after purchasing an additional 2,323 shares during the last quarter. Commonwealth Bank of Australia increased its stake in Cadence Design Systems by 36.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after buying an additional 1,300 shares during the period. Advisor Group Inc. increased its stake in Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after buying an additional 2,505 shares during the period. Dupont Capital Management Corp acquired a new position in Cadence Design Systems in the 3rd quarter valued at $170,000. Finally, Parkwood LLC acquired a new position in Cadence Design Systems in the 3rd quarter valued at $201,000. Hedge funds and other institutional investors own 84.81% of the company’s stock.

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About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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