Cadence Design Systems (NASDAQ:CDNS) Downgraded to Buy at ValuEngine

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

A number of other research analysts have also recently issued reports on the company. Wells Fargo & Co began coverage on Cadence Design Systems in a research report on Tuesday, May 14th. They issued a market perform rating on the stock. DA Davidson lifted their target price on Cadence Design Systems to $80.00 and gave the company a buy rating in a research report on Tuesday, July 23rd. BidaskClub upgraded Cadence Design Systems from a buy rating to a strong-buy rating in a research report on Saturday, July 27th. KeyCorp began coverage on Cadence Design Systems in a research report on Wednesday, April 10th. They issued a sector weight rating on the stock. Finally, Royal Bank of Canada lifted their target price on Cadence Design Systems to $73.00 and gave the company an outperform rating in a research report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $64.25.

Cadence Design Systems stock opened at $71.27 on Thursday. Cadence Design Systems has a 12-month low of $39.08 and a 12-month high of $77.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.52 and a current ratio of 1.60. The company has a 50-day simple moving average of $73.02. The company has a market capitalization of $19.97 billion, a PE ratio of 57.94, a PEG ratio of 4.37 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The firm had revenue of $580.42 million for the quarter, compared to analysts’ expectations of $579.41 million. During the same quarter in the previous year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. Research analysts forecast that Cadence Design Systems will post 1.48 earnings per share for the current year.

In other news, CEO Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $75.12, for a total transaction of $3,004,800.00. Following the sale, the chief executive officer now directly owns 899,852 shares of the company’s stock, valued at $67,596,882.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Aneel Zaman sold 5,136 shares of Cadence Design Systems stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $63.35, for a total value of $325,365.60. Following the sale, the insider now directly owns 247,262 shares in the company, valued at $15,664,047.70. The disclosure for this sale can be found here. Insiders have sold 179,371 shares of company stock worth $12,619,690 over the last three months. Insiders own 2.34% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Next Capital Management LLC acquired a new position in shares of Cadence Design Systems in the second quarter worth approximately $29,000. CWM LLC lifted its stake in shares of Cadence Design Systems by 217.9% in the second quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after acquiring an additional 305 shares during the period. Flagship Harbor Advisors LLC lifted its stake in shares of Cadence Design Systems by 853.6% in the second quarter. Flagship Harbor Advisors LLC now owns 534 shares of the software maker’s stock worth $37,000 after acquiring an additional 478 shares during the period. Harvest Group Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the first quarter worth approximately $37,000. Finally, Parallel Advisors LLC lifted its stake in shares of Cadence Design Systems by 29.4% in the first quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock worth $46,000 after acquiring an additional 163 shares during the period. 87.32% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Cadence Design Systems (NASDAQ:CDNS)

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