Cadence Design Systems (NASDAQ:CDNS) Downgraded to “Strong Sell” at ValuEngine

ValuEngine lowered shares of Cadence Design Systems (NASDAQ:CDNS) from a sell rating to a strong sell rating in a report published on Thursday, ValuEngine reports.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Co lifted their price objective on Cadence Design Systems from $80.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday, February 6th. Royal Bank of Canada reissued an outperform rating and issued a $85.00 target price on shares of Cadence Design Systems in a research note on Thursday. Bank of America raised their target price on Cadence Design Systems from $80.00 to $83.00 and gave the stock a neutral rating in a report on Thursday. Needham & Company LLC boosted their target price on Cadence Design Systems from $76.00 to $86.00 and gave the stock a buy rating in a research report on Thursday. Finally, BidaskClub raised Cadence Design Systems from a hold rating to a buy rating in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $82.00.

CDNS stock traded down $0.49 during midday trading on Thursday, reaching $78.76. The company’s stock had a trading volume of 1,329,600 shares, compared to its average volume of 1,438,368. Cadence Design Systems has a 52 week low of $51.70 and a 52 week high of $79.68. The stock has a market cap of $20.94 billion, a PE ratio of 51.82, a price-to-earnings-growth ratio of 4.43 and a beta of 1.12. The company has a quick ratio of 1.59, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The business’s 50-day simple moving average is $72.90 and its 200-day simple moving average is $69.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Wednesday, February 12th. The software maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $599.56 million during the quarter, compared to analysts’ expectations of $595.48 million. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. As a group, equities analysts forecast that Cadence Design Systems will post 1.51 earnings per share for the current fiscal year.

In related news, VP Surendra Babu Mandava sold 3,623 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $66.46, for a total transaction of $240,784.58. Following the completion of the sale, the vice president now directly owns 296,137 shares of the company’s stock, valued at approximately $19,681,265.02. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP James J. Cowie sold 1,242 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $76.31, for a total value of $94,777.02. Following the sale, the vice president now directly owns 103,530 shares of the company’s stock, valued at $7,900,374.30. The disclosure for this sale can be found here. Insiders have sold a total of 353,949 shares of company stock worth $25,290,546 in the last ninety days. 2.34% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Amundi Pioneer Asset Management Inc. increased its position in shares of Cadence Design Systems by 31.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock worth $18,610,000 after acquiring an additional 69,373 shares in the last quarter. BlackRock Inc. boosted its position in Cadence Design Systems by 11.0% during the 2nd quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock worth $1,615,142,000 after acquiring an additional 2,264,949 shares during the last quarter. Wealthfront Advisers LLC grew its stake in shares of Cadence Design Systems by 5.9% during the 3rd quarter. Wealthfront Advisers LLC now owns 11,890 shares of the software maker’s stock worth $786,000 after acquiring an additional 662 shares in the last quarter. DNB Asset Management AS raised its holdings in shares of Cadence Design Systems by 2.2% in the third quarter. DNB Asset Management AS now owns 75,531 shares of the software maker’s stock valued at $4,991,000 after purchasing an additional 1,644 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Cadence Design Systems by 17.8% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,554 shares of the software maker’s stock valued at $1,159,000 after purchasing an additional 2,658 shares during the last quarter. Hedge funds and other institutional investors own 85.90% of the company’s stock.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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