Cadence Design Systems, Inc. (NASDAQ:CDNS) Downgraded by BidaskClub to Buy
BidaskClub lowered shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) from a strong-buy rating to a buy rating in a research note published on Tuesday morning.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research raised shares of Cadence Design Systems from a hold rating to a buy rating and set a $36.00 price target for the company in a report on Thursday, April 27th. Royal Bank Of Canada raised their price objective on shares of Cadence Design Systems from $36.00 to $39.00 and gave the stock an outperform rating in a report on Tuesday. Finally, DA Davidson lowered shares of Cadence Design Systems from a buy rating to a neutral rating in a report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. Cadence Design Systems currently has an average rating of Hold and a consensus price target of $33.67.
Cadence Design Systems (CDNS) traded up 0.08% during midday trading on Tuesday, hitting $37.01. 1,183,510 shares of the stock traded hands. Cadence Design Systems has a one year low of $23.88 and a one year high of $37.51. The company has a market cap of $10.37 billion, a PE ratio of 43.03 and a beta of 0.93. The company’s 50-day moving average is $34.55 and its 200-day moving average is $31.95.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. The business had revenue of $479 million during the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The business’s revenue was up 5.7% on a year-over-year basis. During the same period last year, the business earned $0.29 EPS. Equities research analysts expect that Cadence Design Systems will post $1.39 EPS for the current fiscal year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the transaction, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at approximately $19,856,621.28. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John B. Shoven sold 50,000 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $34.00, for a total transaction of $1,700,000.00. Following the transaction, the director now directly owns 196,189 shares of the company’s stock, valued at $6,670,426. The disclosure for this sale can be found here. Over the last three months, insiders have sold 434,656 shares of company stock valued at $14,786,334. 2.55% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Mn Services Vermogensbeheer B.V. raised its position in shares of Cadence Design Systems by 490.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 45,258 shares of the software maker’s stock valued at $1,516,000 after buying an additional 37,591 shares in the last quarter. Glen Harbor Capital Management LLC raised its position in shares of Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock valued at $591,000 after buying an additional 6,534 shares in the last quarter. Koch Industries Inc. bought a new position in shares of Cadence Design Systems during the first quarter valued at $308,000. Capstone Asset Management Co. raised its position in shares of Cadence Design Systems by 2.3% in the first quarter. Capstone Asset Management Co. now owns 27,201 shares of the software maker’s stock valued at $854,000 after buying an additional 600 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in shares of Cadence Design Systems during the first quarter valued at $934,000. 86.35% of the stock is owned by institutional investors.
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).
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