Cadence Design Systems (NASDAQ:CDNS) Stock Rating Lowered by StockNews.com

Cadence Design Systems (NASDAQ:CDNS) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

Several other research analysts also recently weighed in on the stock. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Loop Capital started coverage on 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $299.68 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. The stock’s 50 day moving average price is $304.73 and its 200 day moving average price is $284.93. The firm has a market capitalization of $82.19 billion, a PE ratio of 78.66, a price-to-earnings-growth ratio of 3.42 and a beta of 1.03.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently modified their holdings of CDNS. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at about $28,000. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems during the third quarter worth approximately $28,000. Versant Capital Management Inc grew its holdings in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after buying an additional 87 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the 4th quarter valued at approximately $46,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

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.