BidaskClub Downgrades Cadence Design Systems (CDNS) to Hold

Cadence Design Systems (NASDAQ:CDNS) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

Several other analysts have also recently weighed in on CDNS. Needham & Company LLC reaffirmed a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. Royal Bank of Canada upped their price objective on shares of Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 11th. DA Davidson upped their price objective on shares of Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. 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 research note on Wednesday, November 1st. Finally, KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $44.50.

Shares of Cadence Design Systems (NASDAQ:CDNS) opened at $45.60 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.72 and a current ratio of 1.79. The firm has a market cap of $12,875.62, a PE ratio of 49.03, a price-to-earnings-growth ratio of 3.74 and a beta of 0.94. Cadence Design Systems has a 52 week low of $25.62 and a 52 week high of $45.74.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The firm had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 earnings per share. sell-side analysts predict that Cadence Design Systems will post 1.06 EPS for the current fiscal year.

In other news, insider Thomas P. Beckley sold 43,469 shares of the 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 sale, the insider now directly owns 225,863 shares of the company’s stock, valued at $9,958,299.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roger S. Siboni sold 18,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $43.14, for a total transaction of $776,520.00. Following the sale, the director now directly owns 52,194 shares in the company, valued at $2,251,649.16. The disclosure for this sale can be found here. Insiders have sold 350,500 shares of company stock worth $15,440,828 over the last three months. 2.55% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. grew its stake in shares of Cadence Design Systems by 151.4% during the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after purchasing an additional 2,505 shares during the last quarter. Dupont Capital Management Corp bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $170,000. Parkwood LLC bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $201,000. Coldstream Capital Management Inc. acquired a new position in Cadence Design Systems in the third quarter valued at approximately $207,000. Finally, Financial Partners Capital Management LLC acquired a new position in Cadence Design Systems in the third quarter valued at approximately $214,000. 84.77% of the stock is currently owned by institutional investors and hedge funds.

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Cadence Design Systems Company Profile

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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