Cadence Design Systems (CDNS) Rating Lowered to Sell at BidaskClub

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

CDNS has been the topic of several other research reports. Zacks Investment Research downgraded Cadence Design Systems from a hold rating to a strong sell rating in a research note on Monday, February 5th. KeyCorp reaffirmed a hold rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. 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 reaffirmed a buy rating and issued a $46.00 price objective on shares of Cadence Design Systems in a research note on Friday, October 27th. Finally, Credit Suisse Group reaffirmed a neutral rating and issued a $43.00 price objective (up previously from $37.00) on shares of Cadence Design Systems in a research note on Thursday, February 1st. 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’s stock. The company presently has an average rating of Hold and a consensus price target of $44.20.

Shares of Cadence Design Systems (NASDAQ:CDNS) opened at $37.68 on Wednesday. The stock 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 has a 12 month low of $29.29 and a 12 month high of $46.00. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.47 and a current ratio of 1.53.

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

In other news, President Anirudh Devgan sold 44,526 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $45.01, for a total transaction of $2,004,115.26. Following the transaction, the president now owns 377,019 shares of the company’s stock, valued at approximately $16,969,625.19. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $43.52, for a total value of $4,352,000.00. Following the transaction, the chief executive officer now directly owns 533,333 shares in the company, valued at approximately $23,210,652.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 289,031 shares of company stock worth $12,747,759. Corporate insiders own 2.55% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sigma Planning Corp increased its position in shares of Cadence Design Systems by 17.1% during the 3rd quarter. Sigma Planning Corp now owns 66,369 shares of the software maker’s stock valued at $2,620,000 after purchasing an additional 9,695 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in shares of Cadence Design Systems by 15.4% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 41,301 shares of the software maker’s stock valued at $1,630,000 after purchasing an additional 5,500 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at approximately $432,000. QUANTRES ASSET MANAGEMENT Ltd bought a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $611,000. Finally, Graticule Asia Macro Advisors LLC bought a new position in shares of Cadence Design Systems during the 3rd quarter valued at approximately $8,210,000. 85.00% of the stock is currently owned by hedge funds and other institutional investors.

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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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