BidaskClub cut shares of Cadence Design Systems (NASDAQ:CDNS) from a hold rating to a sell rating in a report issued on Wednesday morning.

Several other research analysts have also recently commented on CDNS. Royal Bank of Canada increased their price target on Cadence Design Systems from $39.00 to $45.00 and gave the company an outperform rating in a research report on Wednesday, October 11th. Needham & Company LLC reissued a hold rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. DA Davidson increased their price target on Cadence Design Systems to $43.00 and gave the company a neutral rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Zacks Investment Research raised Cadence Design Systems from a hold rating to a buy rating and set a $48.00 price objective for the company in a research report on Wednesday, November 1st. Finally, KeyCorp reaffirmed a hold rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. Cadence Design Systems has a consensus rating of Hold and a consensus target price of $44.20.

Cadence Design Systems (CDNS) opened at $37.68 on Wednesday. Cadence Design Systems has a 52-week low of $29.29 and a 52-week high of $46.00. The company has a current ratio of 1.53, a quick ratio of 1.47 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $10,396.49, a P/E ratio of 50.92, a P/E/G ratio of 3.60 and a beta of 0.97.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The firm had revenue of $501.70 million during the quarter, compared to analysts’ expectations of $496.20 million. During the same period in the prior year, the firm posted $0.34 earnings per share. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. equities analysts predict that Cadence Design Systems will post 0.85 EPS for the current fiscal year.

In other news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $43.52, for a total value of $4,352,000.00. Following the completion of the sale, the chief executive officer now directly owns 533,333 shares of the company’s stock, valued at $23,210,652.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $43.83, for a total value of $32,872.50. Following the completion of the sale, the chief financial officer now directly owns 110,823 shares of the company’s stock, valued at $4,857,372.09. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 289,031 shares of company stock valued at $12,747,759. Insiders own 2.55% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cerebellum GP LLC bought a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $123,000. Advisor Group Inc. increased 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 worth $165,000 after purchasing an additional 2,505 shares during the period. Dupont Capital Management Corp bought a new position in shares of Cadence Design Systems during the third quarter worth approximately $170,000. Parkwood LLC bought a new position in shares of Cadence Design Systems during the third quarter worth approximately $201,000. Finally, Coldstream Capital Management Inc. bought a new position in shares of Cadence Design Systems during the third quarter worth approximately $207,000. Institutional investors own 85.00% 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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