BidaskClub Lowers Cadence Design Systems (NASDAQ:CDNS) to Buy

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BidaskClub lowered shares of Cadence Design Systems (NASDAQ:CDNS) from a strong-buy rating to a buy rating in a research note published on Saturday morning, BidAskClub reports.

CDNS has been the topic of several other research reports. DA Davidson increased their price target on Cadence Design Systems to $80.00 and gave the company a buy rating in a report on Tuesday, July 23rd. ValuEngine downgraded shares of Cadence Design Systems from a strong-buy rating to a buy rating in a research note on Thursday, August 1st. Credit Suisse Group raised their price objective on shares of Cadence Design Systems from $62.00 to $70.00 and gave the stock a neutral rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on shares of Cadence Design Systems to $73.00 and gave the stock an outperform rating in a research note on Tuesday, April 23rd. Finally, KeyCorp initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, April 10th. They issued a sector weight rating on the stock. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $64.25.

Shares of CDNS stock opened at $67.50 on Friday. 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’s 50 day moving average is $73.18. The firm has a market capitalization of $19.97 billion, a P/E ratio of 47.20, a PEG ratio of 4.37 and a beta of 1.15.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $0.38 EPS for the quarter, beating the 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 company had revenue of $580.42 million for the quarter, compared to the consensus estimate of $579.41 million. During the same quarter last year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. On average, sell-side analysts expect that Cadence Design Systems will post 1.48 earnings per share for the current fiscal year.

In other Cadence Design Systems news, insider Surendra Babu Mandava sold 4,235 shares of Cadence Design Systems stock in a transaction on Friday, June 7th. The shares were sold at an average price of $64.87, for a total transaction of $274,724.45. Following the sale, the insider now owns 305,888 shares in the company, valued at $19,842,954.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aneel Zaman sold 5,136 shares of Cadence Design Systems stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $63.35, for a total transaction of $325,365.60. Following the sale, the insider now owns 247,262 shares in the company, valued at approximately $15,664,047.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 179,371 shares of company stock worth $12,619,690. 2.34% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Horizon Investments LLC acquired a new stake in Cadence Design Systems during the first quarter worth $258,000. DNB Asset Management AS boosted its stake in Cadence Design Systems by 69.8% during the first quarter. DNB Asset Management AS now owns 52,209 shares of the software maker’s stock worth $3,316,000 after buying an additional 21,463 shares in the last quarter. Cerebellum GP LLC acquired a new stake in Cadence Design Systems during the second quarter worth $94,000. Buckingham Asset Management LLC acquired a new stake in Cadence Design Systems during the first quarter worth $291,000. Finally, Harvest Capital Management Inc acquired a new stake in Cadence Design Systems during the first quarter worth $229,000. Hedge funds and other institutional investors own 87.32% of the company’s stock.

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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